From guest analyst Jena Cartter of PCIFX....
Crude oil attempted to decline again, whereas the key support level,currently at 67.00, is protecting the upside trend till now. For today, we expect an incline on the intraday basis, confirmed by breaching the resistance level at 68.75; initially targeting 71.50. It is vital that trading remains above 67.00 to maintain the upside movements expected for today.
The trading range for today is among the key support at 65.00 and the key resistance at 73.15.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
Support: 67.70, 67.00, 66.50, 65.25, 64.65
Resistance: 67.75, 68.70, 69.70, 70.35, 71.50
Recommendation: Based on the charts and explanations above our opinion is buying oil from 68.75 To 71.50 and stop loss below 67.70, might be appropriate.
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Disclaimer: PCIfx assumes no responsibility or liability from gains or losses incurred by the information herein contained. There is a substantial risk of loss in trading futures and foreign exchange.
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