The downside movement that occurred yesterday continues for some time before returning to trade near 87.30, where this level is only present separation impeding the bearish butterfly pattern from resuming its first awaited target around 84.30. Meanwhile, negative ongoing pressures are trading below 90.50 as we expect crude to attempt to stabilize below 87.30 today in order to push to the downside once again, touching bearish target levels for the harmonic technical pattern shown in the image above.
The trading range for today is among the key support around 84.30 and the key resistance around 91.35.
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 87.75 targeting 84.30 and stop loss with a daily closing above 89.85, might be appropriate.|