Crude inclined according to yesterday's expectations, where it managed to record its highest around 102.92 although it was not able to resume stability above the first reversal level for the harmonic pattern. Meanwhile, level 102.40 represents 88.6% correction for the XA leg pattern, where we see crude heading to the downside calling for chances of the formation being a bearish bat pattern that could cause a retest of 100.40; although at the same time trading above 100.00 - 99.85 presents chances of witnessing more bullish movement according to previous reasons, highlighted in our weekly report. Henceforth, we remain neutral today.
The trading range for today is among the key support around 96.30 and the key resistance around 105.35.
The short term trend is expected towards the upside as long as the daily closing is above 84.00 with targets at 104.65.
|Recommendation||Based on the charts and explanation above our opinion is remaining neutral until signs insuring its upcoming direction appear.|