Crude initiated the expected downside move after building the base on 75.60 and neared the main target at 73.70. A secondary descending channel is structuring the intraday wave while momentum indicators remain negative supporting our expectations.
The trading range for today is among the major support at 73.15 and the major resistance at 77.65.The general trend is to the downside as far as 79.20 is intact with targets at 61.60.
By: Yasir Mubarak
Main Technical Analyst