Oil rushed to the upside yesterday in order to retest the subsidiary channel’s support levels that were previously breached, but failed to maintain a daily closing above it. Trading is still leaning towards negativity supported by trading below SMA 50 along with other negative signs appearing on Stochastic oscillator. These factors suggest abearish intraday direction with targets at 72.45 then 71.60, but requiring a daily closing below 74.15. 
The trading range for today is among the major support at 71.60 and the major resistance at 75.35The general trend is to the downside as far as 84.00 remains intact with targets at 61.60.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com