Crude declined as expected in our previous weekly report approaching with a slight difference the support level for the medium term upside trend at 73.75. We expect oil to reverse to the upside this week in a bullish move over short term basis initially targeting 75.60, where we expect it to face strong resistance before breaching to the upside towards the main target around 78.65. Momentum indicators support the upside expectations which remain intact with steady daily closings above 73.75.
The trading range for the week is among the major support at 70.60 and the major resistance at 78.65.
The general trend is to the upside as far as 47.20 is intact with targets at 85.00.
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