Crude managed to strongly breach 72.05 targeting $73.00 per barrel, due to the positive effect of the clear momentum indicators within the four hour chart. The stochastic is losing bullish momentum and nearing overbought areas, thus making us maintain our intraday trend expectations in overall for today, but keep in mind the importance of the daily closing below 72.80 – 73.00 to maintain chances of achieving the expected bearish direction. 
The trading range for today is among the key support around 69.50 and the key resistance around 73.55.
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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