Crude continues pushing to the upside, according to the suggested scenario in our previous reports, where it is attempting to reach the main target, the resistance level for the ascending channel at $88.40 per barrel. Meanwhile, momentum indicators are showing clear overbought signs that might cause mixed trading, which could lean towards a minor bearish correction to unload these pressures before resuming the bullish technical pattern formation that is near completion. The overall bullish direction for this week requires the daily closings above 80.45.
The trading range for today is among the key support at 78.45 and the key resistance at 88.40.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
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