Crude breached key support for the bullish trend that follows its rebound from 61.8% correction, thus insuring the possibility of more bearish movement. The expected bearish direction could reach $70.40 per barrel. Meanwhile, trading below 74.90 will maintain these expectations intact.
The trading range for today is among the key support around 72.00 and the key resistance around 76.65.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous Report Weekly ReportSupport72.4572.0071.7070.4069.25Resistance73.2073.7074.6075.2075.75RecommendationBased on the charts and explanations above our opinion is selling crude around 73.60 targeting 70.40 and stop loss above 74.60, might be appropriate.