Oil price inclined yesterday more than 300pips breaching the resistance level (previously broken support level for the up-channel). This return to the mentioned channel we expect to support the price incline into achieving the short-term trend targets around 63.00 per barrel. These expectations requires keeping 58.25 support unbroken ( Fibonacci retracement for yesterday's up wave) in addition to breaching the minor resistance level at 61.75
The trading range for today is among the key support at 56.75 and the key resistance at 63.00
The general trend is to the upside as far as 47.20 remains intact with targets at $63.00 a barrel.
Support: 59.70, 59.10, 58.25, 57.65, 56.75
Resistance: 60.55, 61.75, 62.50, 63.00, 64.10
Recommendation: According to our analysis, buy the contract above 59.70 with targets at 60.50 then 61.75 and stop loss with a four-hour closing below 58.25
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