Crude achieved the awaited downside move yesterday, touching the first target's levels for the bearish intraday direction at 68.20; where the 50% correction level is showing a strong stance, forcing the price to move to the upside, seen in the image above, where it is nears the complete formation of the bearish harmonized technical pattern, where a possible reversal for it is currently between 71.10 – 71.30. We expect its trading price to decline after these levels. From here, we expect a minor incline towards reversal levels and then achieve a bearish direction over a short intraday basis; where its targets begin at 69.00 and then attempts to breach 68.20, to head towards the bearish short term wave around $64.00 per barrel.
The trading range for today is among the key support at 66.20 and the key resistance at 73.15.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
Support: 69.85, 69.00, 68.20, 67.45, 66.50
Resistance: 71.30, 71.95, 72.50, 73.15, 73.80
Recommendation: Based on the charts and explanations above our opinion is selling oil at 71.30 and targeting 69.85 and stop loss above 71.95, might be appropriate.
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