Morning Report

The bearish harmonic pattern has been formed and taken a flawless shape and thereby forming Gartley harmonic pattern, where this pattern has been completed at 82.90 currently crude might be heading to the downside towards the first target for the pattern at 78.45 represented in correction 38.2% for this pattern. The only impediment to achieving the targets is key support for the bullish direction that has organized trading by forming the CD leg, but by observing the bearish reversal on momentum indicators the breach of this expected level and support, might not be enough for crude as a first target but also extend towards the second target for the harmonic technical pattern represented in 61.8% correction for the CD leg at 75.65.

The trading range for today is among the key support around 75.65 and the key resistance around 82.90.

The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.

Previous Report

Weekly Report

Support79.0078.4577.7577.0076.15
Resistance80.1080.8081.0081.6582.35
RecommendationBased on the charts and explanations above our opinion is selling crude around 79.90 targeting 75.65 and stop loss above 81.65, might be appropriate.