Crude breached 70.10 and confirmed it with four-hour closing, signaling the start of a possible bullish correction over intraday basis. Trading has stabilized within the minor ascending channel, in addition to signs of a bullish technical pattern forming, as its suggested neckline is at 70.95. These factors all encourage us to expect a bullish correction today; targeting 72.65 then 73.45. Keep in mind that returning to stabilize 70.10 will ignite once more the general bearish move.
The trading range for today is among the key support at 67.15 and the key resistance at 72.65.The short term trend is to the downside as far as 79.20 remains intact with targets at 61.60.
By: Yasir Mubarak
Main Technical Analyst