Crude achieved the awaited descend mentioned within our weekly report yesterday as it managed to build a base on the MA 50 and head to the upside in an attempt to attack pivotal resistance 76.60, accompanying the pair now is positive crossover signs appearing through stochastic that encourage us to expect a bullish intraday direction that will initially start with a clear breach and stability above 76.60, then head towards 78.25 followed by $80.00 per barrel. Keep in mind the breach of 75.40 that will weaken chances of this scenario prevailing and postpone resuming the awaited bullish trend. 
The trading range for today is among the key support around 75.40 and the key resistance around 78.85.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