Morning Report

We will highlight the suggested Elliott wave's breach today, which occurred to support the ascending uptrend that has been retested on Monday. This additional classic pattern is added onto the suggested highlighted crude; therefore, we expect the intraday bearish direction to continue. The breach of 86.75 could help the bearish trend gain speed.

The trading range for today is among the key support around 85.70 and the key resistance around 89.75.

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 88.20 targeting 85.70 and stop loss above 89.20, might be appropriate.