Crude pushed yesterday to retest support for the rising wedge previously shown, where it is currently ascending around 78.00, accompanied by momentum indicators entering overbought areas. Therefore, we hold onto yesterday's scenario where we expect a bearish intraday direction; targeting 76.45 then 75.55. These expectations require the daily closing below 78.50.
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.
Weekly ReportSupport77.1576.4575.5575.1574.25Resistance78.0078.5079.0079.5080.00RecommendationBased on the charts and explanations above our opinion is selling crude around 78.00 targeting 76.45 and stop loss above 79.00, might be appropriate.