Crude has witnessed support forming at the MA 50 pushing it to retest the previously breached rising wedge that has presently turned into resistance at 77.60. We expect to reach this level, followed by a bearish reversal that crude will achieve through it a bearish intraday trend; targets start at 76.25 then 75.15. These expectations require trading to remain below 78.60 to prevail. 
The trading range for today is among the key support around 75.15 and the key resistance around 78.50.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