Crude succeeded in achieving the mentioned targets in yesterday's reports, touching support for the descending channel, shown in the image above, where it rebounded to the upside to start a bullish correction that is considered to be normal trading within the mentioned channel. Pivotal resistance is currently halted at 72.40, as the only barrier in front of the expected bullish correction today, which is expected to reach its maximum level at 74.75 – expected bullish correction scenario.

The trading range for today is among the key support at 69.25 and the key resistance at 74.75.

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

Support: 71.20, 70.60, 70.30, 69.50, 69.25
Resistance: 72.40, 73.35, 73.75, 74.75, 75.40

Recommendation Based on the charts and explanations above our opinion is buying oil with the breach of 72.40 targeting 73.75 and stop loss below 71.20, might be appropriate.

Ecpulse

disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk

---