The closing last week stabilized below support for the bullish channel shown in the image above, where it currently turns into resistance at 74.05 as it trades below the MA 50. We expect a bearish direction this week that targets 70.70 initially then 68.75. We point out that the closing is above 74.05 could postpone achieving bearish targets and lead to some upside movement and fluctuation once again within the mentioned bullish channel. 
The trading range for today is among the key support around 68.75 and the key resistance around 75.65.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