Crude moved downwards and we recommend reviewing our previous reports for comprehensive harmonic analysis; however, today the main focus is set on the classical technical analysis where crude was able to return to trade below key support for the bullish direction, which has taken a close form to a wedge. In the meanwhile, crude is trading below the SMA 20, where these signs all make us expect a new attempt at entering a bearish wave. These expectations require stability below 92.60 and preferably below 91.35.
The trading range for today is among the key support around 86.75 and the key resistance around 93.10.
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 91.35 targeting 87.30 and stop loss with daily closing above 92.60, might be appropriate.|