The oil price achieved a breach of the minor support levels, while achieving the expected targets 67.20 and then reaching the vital support level on the short term at 66.40. We see the prices are expecting more downside movements, while the full target is around 59.50 dollar per barrel. However, we expect a correction in the intraday trend to the upside which could reach 68.20 levels to gain enough momentum to support the bearish movement being signaled. Notice 70.00 level must remain intact for the downside short term movement to prevail.

The trading range for today is among the key support at 63.00 and the key resistance at 70.80.

The general trend is to the upside as far as 47.20 remains intact with targets at $76.25 a barrel.

Support: 66.40, 65.15, 64.30, 63.40, 62.50
Resistance: 67.40, 68.20, 68.85, 69.55, 70.00

Recommendation According to our analysis, sell oil below 68.20 with targets at 66.40 and stop loss with four-hour closing above 69.55.

Ecpulse

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