Crude returned to retest the previously breached pivotal support at 72.40 to start a bearish intraday wave that support the bearish short term direction, where its main targets are at 69.25 then 67.00 per barrel, according to our weekly report. We might witness some fluctuation due to positive signs on momentum indicators, before resuming the bearish intraday direction that requires four-hour closings below 72.40.

The trading range for today is among the key support at 69.25 and the key resistance at 73.35.

The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.

Support: 71.20, 70.30, 69.50, 69.25, 68.50
Resistance: 72.40, 73.35, 73.75, 74.50, 75.40
Recommendation: Based on the charts and explanations above our opinion is selling oil from 72.40 targeting 71.20 and stop loss above 73.35, might be appropriate.

Ecpulse

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