Crude strongly pushed upwards yesterday due to the positivity of momentum indicators that are currently losing bullish momentum after reaching the breached retest level for the bullish channel shown above. Signs of a rising wedge pattern are controlling crude's trading by halting its ascend. This makes us expect a bearish intraday trend supported by the current negativity of momentum indicators, where the primary target is at 75.15 - supporting rising wedge - where if it does not succeed in breaching it will pave the way towards more bearish movement; targeting 73.50. Keep in mind that the breach of 77.60 will cause the bearish trend to fail through the suggested rising wedge pattern.
The trading range for today is among the key support around 74.20 and the key resistance around 78.25.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous Report Weekly ReportSupport76.1575.1574.2073.5073.15Resistance77.0077.6078.2579.0079.50RecommendationBased on the charts and explanations above our opinion is selling crude around 77.00 targeting 75.15 and stop loss above 78.25, might be appropriate.