According to our previous report, crude slightly fell to touch levels around 93.05, then push strongly to achieve the suggested target easily as crude continues to ascend to touch levels near 161.8% correction for the bearish wave, which has started from 93.44 and ended at the bottom around 85.10 shown above. Momentum indicators are showing overbought signs, which could make us expect a bearish correctional trend today due to the effect of resistance 98.60. Note that the breach of this resistance and stabilizing above it is considered to be a strong motive for the bullish wave to push upwards again.
The trading range for this week is among the key support around 93.05 and the key resistance around 102.35.
The short term trend is expected towards the upside as long as the daily closing is above 84.00 with targets at 99.00.
Note: remain cautious regarding the present situations in financial markets due to political tensions in the world, which could cause major fluctuations and high risk.
|Recommendation||Based on the charts and explanations above our opinion is selling crude around 98.00 targeting 95.70 and stop loss above 99.00, might be appropriate.|