Crude reached 75.70 to start the suggested bearish wave for today, where it has achieved initial stability below $75.00 per barrel. More expected bearish intraday movement will be witnessed due to stabilizing below 75.80, keeping in mind that the pivotal support around 74.80 is required to be breached to pave the way towards the bearish targets in our morning report. It is vital that the daily closing is below 75.80 to resume the expected bearish scenario.
The trading range for today is among the key support around 72.75 and the key resistance around 77.20.
The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
|Recommendation||Based on the charts and explanations above our opinion is selling crude around 75.80 targeting 74.20 and stop loss above 76.80, might be appropriate.|