Crude is gradually nearing the pivotal support at 78.70 - 38.2% Fibonacci correction level, in addition to the breached resistance level that turned into support, shown in the image above. Accompanying the mentioned support level is oversold signs on momentum indicators, which make us expect a bullish direction for today targeting 80.70, while the breach of 78.70 and a four-hour closing below it will weaken chances of the awaited ascend and might lead to a sudden descend towards $77.00 per barrel.
The trading range for today is among the key support at 77.00 and the key resistance at 81.80.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
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