Crude built a sideway trend below the suggested B top wave, where it is the natural way ofgathering enough bearish momentum to continue within the overall bearish direction. Stochastic is attempting a negative crossover, while trading below 89.05 is considered an incentive to hold onto negative expectations.
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.
|Recommendation||Based on the charts and explanations above our opinion is selling crude around 88.75 targeting 85.70 and stop loss above 89.75, might be appropriate.|