Crude moved strongly to the upside, yet was still unable to return above the main resistance for the upside wave. At the same time, the Elliot wave scenario remains valid. Stochastic and RSI unloaded some of the buying saturation and accordingly we see the possibility for the pair to return to the downside and it will be confirmed with four-hour closing below 103.50.
The trading range for today is among the major support at 98.60 and the major resistance at 107.65.
The short term trend is to the downside with steady daily closing below 109.75 targeting 85.40.
|Recommendation||Based on the charts and explanations above our opinion is selling crude with four-hour closing below 103.50 and take profit in stages at 100.45, 98.60 and 96.60 and stop loss with daily closing above 104.80 might be appropriate today|