Crude succeeded in achieving yesterday's suggested scenario, where it had managed to cause major negative pressure yesterday due to the breach of support for the bullish channel shown above. The stochastic is showing bullish signs that may cause some fluctuation to retest this breached channel's support level that has currently turned into resistance at 76.80, before heading towards achieving more bearish intraday direction. Meanwhile, upcoming targets are at 75.15 then 74.40 keeping in mind that the breach of 77.60 will weaken chances of achieving this scenario.
The trading range for today is among the key support around 74.40 and the key resistance around 77.60.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
Weekly ReportSupport76.3575.5575.1574.4073.50Resistance76.8077.2077.6078.5079.00RecommendationBased on the charts and explanations above our opinion is selling crude around 76.80 targeting 75.55 and stop loss above 77.60, might be appropriate.