Crude succeeded in achieving yesterday’s suggested bearish technical pattern flawlessly, where it managed to achieve key targets while keeping in mind that it was not able to build a base below the pivotal level 75.75. 
Momentum indicators are showing bullish signs, alongside 75.75 stabilizing as we expect a bullish intraday trendthat will start its targets at 77.25 – 77.75. Keep in mind the importance of crude stabilizing below 75.75 will weaken chances of achieving the suggested ascend and lead to more bearish movement that may reach 74.85 then 73.75.
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The trading range for today is among the key support around 74.85 and the key resistance around 78.90.
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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