Crude reached the full targets suggested yesterday and was unable in stabilizing above the more critical resistance over short term basis at 75.75 affected by the resistance for the ascending channel over intraday basis at 69.50. Those negative signals on momentum indicators support our expectations for a bearish intraday move targeting 73.70-73.15 which is normal within the ascending channel mentioned. Breaching 75.75 extends the upside move and activates the bullish double bottom pattern.
The trading range for today is among the major support at 73.15 and the major resistance at 77.65.
The general trend is to the downside as far as 79.20 is intact with targets at 61.60.
Weekly ReportSupport74.9074.2073.7073.1572.45Resistance75.7576.0076.7577.6578.35RecommendationBased on the charts and explanations above our opinion is selling oil around 75.75 targeting 73.70 and stop loss above 76.75 might be appropriate