Crude rose strongly yesterday opposing our intraday expectations, yet this ascend did not negate the effects of the bearish harmonic butterfly formation. Trading below 92.60 with daily closings will maintain our expectations for crude to return to the downside once again; but over intraday basis crude requires the breach of 90.50 to end the effect of the ascending channel created as shown above, where this channel reflects our harmonic expectations. Henceforth, we remain neutral over intraday basis until crude breaches 92.60 - 90.50 range.
The trading range for today is among the key support around 87.75 and the key resistance around 94.80.
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 observing crude's movement to insure its upcoming direction.|