Morning Report

The bearish reversal after touching levels around 89.05 insure that the suggested wave scenario in our weekly report, which is still valid since it describes crude's critical movement. Henceforth, trading below 91.35 - preferred below 90.50 - will maintain chances of a bearish intraday trend intact. Today, the breach of 87.25 will insure the suggested bearish direction.

The trading range for today is among the key support around 85.70 and the key resistance around 90.50.

The short term trend is expected sideways as long as trading is between 90.50 and 70.00 with weekly closings.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling crude around 89.05 targeting 85.70 and stop loss above 90.50, might be appropriate.