Crude declined sharply since this morning to breach the pivotal support at 78.50 activating the bearish technical pattern; targeting downside areas around the support at 77.10. We expect the bearish intraday direction to prevail as long as a base is built below 79.40. 
The trading range for today is among the key support around 77.10 and the key resistance around 79.40..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