Crude found strong support at 38.2% Fibonacci correction (75.75) that pushes crude to the upside, where we expect it to retest previously breached support levels that have currently turned into resistance between 76.50 – 77.00. The stochastic is heading to the upside towards oversold areas; therefore, making us maintain our previous expectations as the expected direction for today a bearish one in overall; initial targets are at 74.25. We point out that these expectations in order to prevail require the daily closing below 77.00. 
The trading range for today is among the key support around 74.25 and the key resistance around 77.60..The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com