Crude on the short term has stabilized itself below 92.60, specifically since its intraday trading is below 90.50 alongside the daily closing; the bearish trend is still expected. The harmonic formation is still intact and in fact is a harmonic pattern that has taken a bearish butterfly pattern that may cause a retest of 87.40, then the first expected target is around 84.20 - 84.50. Henceforth, we hold onto our expectations intact due to support from negative trading from momentum indicators.
The trading range for today is among the key support around 87.40 and the key resistance around 92.60.
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 selling crude with the breach of 89.75 targeting 87.60 and stop loss above 90.50, might be appropriate.|