Crude has witnessed support forming at the 50 MA pushing it to retest the previously breached rising wedge that has presently turned into resistance at 77.60. We expect it to reach this level, followed by a bearish reversaltargeting areas from 76.25 then 75.15. These expectations require trading to remain below 78.60.
The trading range for today is among the key support around 75.15 and the key resistance around 78.50.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Previous Report Weekly ReportSupport76.2575.7575.1574.2573.50Resistance77.6078.5079.0079.5080.00RecommendationBased on the charts and explanations above our opinion is selling crude around 77.60 targeting 76.15 and stop loss above 78.50, might be appropriate.