Morning Report

It has been a while since we have witnessed crude push to the downside due to the harmonic butterfly pattern, alongside the effect of the mentioned scenario in our weekly report. Meanwhile, overall trading is below the expected reversal level around 92.60 following the butterfly pattern, where the chart today has added a bearish negative crossover appearing through stochastic on the hourly chart, alongside a bearish reversal on RSI indicator. These reasons push us to expect a bearish trend through trading today and within the upcoming period, since we have not witness any closing above 96.60.

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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling crude around 91.35 targeting 88.20 and stop loss above 92.60, might be appropriate.