Present trading is in critical levels below thePRZ of thebearish harmonic butterfly pattern around 92.60, but above the historical barrier 90.50. The minor image above shows momentum indicators bearishly leaning on the four hour chart above, thereby encouraging us to maintain expectations of a bearish trend returning. There are two key factors that must occur in order for this trend to prevail; first, building a base below 92.60 of the daily closing and the second is returning to close the daily closing below 90.50.
The trading range for today is among the key support around 88.20 and the key resistance around 93.95.
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 around 91.85 targeting 88.20 and stop loss above 92.60, might be appropriate.|