Crude is trading within a bullish channel shown in the chart above, where this channel organizes the bullish correctional trend that crude has started from 70.75. 
Crude was not able to surpass 38.2% after numerous attempts, with minor resistance appearing around 74.40 supported by negative signs through stochastic; making usexpect a bearish intraday trend that initially targets testing this ascending channel’s support strength at 72.60. Meanwhile, if crude builds a base above 74.40 it will weaken chances of a suggested bearish trend and postpone achieving targets.The trading range for today is among the key support around 71.55 and the key resistance around 75.40.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