Crude was unable to currently breach 61.8% Fibonacci correction, where it bearishly reversed to fluctuate around support for the bullish intraday channel with attempts at breaching and targeting the broken 50% Fibonacci correctional level that has turned into support. 
We think that this descend is temporary due to support from SMA 50 that is awaiting crude around 77.20, alongside positive crossover signs appearing on Stochastic of the four -hour chart. Thus, we can expect a bullish intraday direction that targets 79.50 mainly and requires the four hour closing to stabilize above 77.20.
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The trading range for today is among the key support around 76.80 and the key resistance around 80.90.
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The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com