Crude moved to the downside since yesterday due to futures for February closing and new March futures opening, but the MA 50 stood as good support protecting crude from resuming more bearish movement. We currently stand in front of critical levels for the intraday direction for crude, where support 91.15 formed the neckline for the bearish technical pattern in case the negative pressure continues on crude. This could cause a breach and pave the way for more bearish correction; in return resistance 92.95 represents the gateway towards resuming the bullish trend that is trading within the key ascending channel appearing in the image above. Stochastic supports chances of an incline, but we recommend currently remaining neutral until we receive an assuring sign of the upcoming direction through observing critical levels highlighted above.
The trading range for today is among the key support around 89.80 and the key resistance around 94.00.
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 explanation above our opinion is to remain neutral to insure crude’s upcoming direction.|