Crude touched resistance for the ascending channel that organizes the bullish correction, where it reversed to the downside and will retest the previously breached pivotal level at 75.40, meeting with the MA 50. Momentum indicators are entering oversold areas and therefore the expected direction for today is bullish, but might build a base on the retest level first before heading towards resuming bullish targets that start at 78.30. Note that breaching 75.40 and build a base below it will weaken chances of achieving the awaited ascend. 
The trading range for today is among the key support around 74.60 and the key resistance around 78.30.The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com