Crude declined from 92.60, pointed out in the weekly report, where this level followed the bearish harmonic pattern that could form a butterfly pattern according to suggested corrections for the legs. We could witness the start of a bearish trend today, but remain cautious since the breach of 92.60 and building a base above it could carry us within a strong bullish wave and continue to reach levels around 99.50.
The trading range for today is among the key support around 89.75 and the key resistance around 93.60.
The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 99.00.
|Recommendation||Based on the charts and explanations above our opinion is cautiously selling crude below 91.85 targeting 89.05 and stop loss above 92.60, might be appropriate.|