Crude declined steeply yesterday respecting our expectations since the start of the week. The downside reversal from the main descending channel's resistance suggests the resumption of the bearishness over intraday basis today to test 96.60 areas again. Breaching those areas will trigger a new downside wave towards 91.00 areas.
The trading range for today is among the major support at 96.60 and the major resistance at 103.60.
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 around 100.40 and take profit in stages at 97.70 and 96.60 and stop loss with daily closing above 101.80 might be appropriate today|