Crude succeeded in achieving yesterday's suggested scenario flawlessly as it stabilizes around the pivotal level 75.75. Crude's stability below this level points to more expected bearish movement, while a bearish technical pattern's neckline appears at the recorded bottom level yesterday at 75.20. Therefore, we expect a bearish intraday overall trend that requires: 1- a base to be built on 75.75, 2- the breach of 75.20, 3- stability below 77.20.
The trading range for today is among the key support around 73.10 and the key resistance around 77.20.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous Report Weekly ReportSupport75.2074.3073.7073.1072.45Resistance75.7576.7077.2077.7078.25RecommendationBased on the charts and explanations above our opinion is selling crude around 75.75 targeting 74.30 and stop loss above 76.70, might be appropriate.