The MA 100 stood as a strong barrier in front of crude’s attempts at retesting 73.55 as mentioned this morning, where it returned to attack resistance over the short term at 75.35.
We could witness some fluctuation between pivotal resistance and MA 100 – currently at 74.45 to set free momentum indicators free from negativity clearly appearing through the four hour image, before resuming the bullish intraday direction; main targets are still at 77.15. This scenario will remain intact only if trading is above 73.55.
The trading range for today is among the key support at 72.25 and the key resistance at 77.15.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