Oil rushed to the upside yesterday in order to retest the subsidiary channel’s support levels that were previously breached, but failed to maintain a daily closing above it. Trading is still leaning towards negativity supported by trading below SMA 50 along with other negative signs appearing on Stochastic oscillator. These factors suggest a bearish intraday direction with targets at 72.45 then 71.60, but requiring a daily closing below 74.15.

The trading range for today is among the major support at 71.60 and the major resistance at 75.35

The general trend is to the downside as far as 84.00 remains intact with targets at 61.60.

Support: 73.60, 73.30, 72.45, 71.60, 71.00
Resistance: 74.15, 74.70, 75.35, 75.80, 76.60

Recommendation Based on the charts and explanations above our opinion is selling oil around 74.15 targeting 72.45 and stop loss above 75.35 might be appropriate

Ecpulse

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