Crude succeeded in achieving yesterday's suggested scenario targets, where it returned to visit pivotal 83.70 once again. Crude lost bullish momentum after rebounding yesterday; thus, encouraging us to expect the bearish intraday direction to resume that targets once again 82.55 then attempts to head towards 80.35. Keep in mind that the breach of 84.60 will make us take another look into chances of achieving the expected bearish scenario.
The trading range for today is among the key support at 80.35 and the key resistance at 85.55.
The short term trend is expected to the upside as far as 65.60 remains intact with targets at 88.00.
Previous Report Weekly ReportSupport82.9082.5582.1081.4080.35Resistance83.7084.6085.1585.5585.90RecommendationBased on the charts and explanations above our opinion is selling oil from 83.70 targeting 82.55 and stop loss above 84.60, might be appropriate.