Crude is still trading within the descending triangle range that has not been insured yet, but the four hour interval must be below 87.30 to insure the bearish trend that might be the cause to insure the suggested wave patterns, according to the Elliott theory. Meanwhile, building a bas below 89.05 will maintain chances of a bearish intraday direction since stabilizing around 90.50 will resume the overall 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.
|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.|