Despite of the volatile bullish push crude witnessed yesterday, trading is currently returned to stabilize below 99.85 closing yesterday below this level and below 98.00. This move is considered to be a signal that the harmonic butterfly pattern has not failed yet, but is rather still affecting crude. We expect a bearish intraday direction, noting that trading is still unstable and high risk is expected due to political tensions in the Middle East.
The trading range for today is among the key support around 93.05 and the key resistance around 104.65.
The short term trend is expected towards the upside as long as the daily closing is above 84.00 with targets at 99.00.
Weekly ReportSupport98.0097.2596.3095.7094.80Resistance98.0099.2099.85100.25101.80RecommendationBased on the charts and explanations above our opinion is selling crude around 98.00 targeting 93.05 and stop loss with a daily closing above 100.25, might be appropriate.