Crude managed to achieve the suggested scenario in yesterday's midday report flawlessly touching the awaited target around 81.75, where it gradually rebounded to the upside due to positive effects from momentum indicators. We expect a retest of yesterday's breached neckline at 82.90 before continuing the bearish intraday direction that mainly targets $80.35 per barrel. The breach of 82.90 and building a base above it will postpone the suggested scenario and could lead to more bullish movement 83.90.
The trading range for today is among the key support at 80.35 and the key resistance at 84.10.
The short term trend is expected to the upside as far as 65.60 remains intact with targets at 88.00.
Previous Report Weekly ReportSupport82.1081.7581.4080.3579.50Resistance82.9083.1583.9084.1085.25RecommendationBased on the charts and explanations above our opinion is selling oil from 82.90 targeting 81.75 and stop loss above 83.90, might be appropriate.