Crude is trading in a narrow range since this morning while stabilizing below the previously breached support level that has turned into resistance which presently ascended to 76.20. Momentum indicators are showing negative signs that support our expectations; therefore we hold onto our suggested scenario as long as the daily closing is below 76.20.
The trading range for today is among the key support around 73.50 and the key resistance around 76.95..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