Crude continues fluctuating around the retest level shown yesterday 71.60 but it was not able to stabilize above it; thereby maintaining the suggested scenario yesterday intact.
The stochastic lost bullish momentums, alongside signs of a bearish technical pattern are appearing –rising wedge-. These factors encourage us to expect a bearish intraday trend that will start with the breach of 71.10 to activate the bearish pattern and head towards 69.15 initially.
By: Yasir Mubarak
Main Technical Analyst