Crude respected the suggested scenario yesterday; acquiring targeting with the breach of the resistance for the downside channel, affected by the bullish pattern explained yesterday, which still has upside targets to be reached.
Signs of a bullish pattern are seen alongside yesterday’s mentioned pattern, which might extend the bullishness over intraday and short term basis, especially with the breach of the sensitive resistance over short term basis at 75.75.
The trading range for today is among the major support at 72.45 and the major resistance at 76.70.
The general trend is to the downside as far as 79.20 is intact with targets at 61.60.
By: Yasir Mubarak
Main Technical Analyst