Crude flawlessly achieved yesterday's expectations, where trading closed below the key bullish trend's resistance level, shown in the image above. This was accompanied by overbought signs on stochastic, leading us to expect more bearish movement today in order to retest 93.05. Note that if trading returns below this level and stabilizes below the daily closing, a more volatile bearish wave could be formed. In order for expectations to commence stability below 98.60 is required within the daily closing, where we favor stability below 96.40 in order for it to prevail.
The trading range for today is among the key support around 92.60 and the key resistance around 98.60.
The short term trend is expected towards the upside as long as the daily closing is above 84.00 with targets at 99.00.
|Recommendation||Based on the charts and explanations above our opinion is selling crude around 95.70 targeting 92.60 and stop loss with a four hour closing above 96.40, might be appropriate.|