Morning Report Crude touched the awaited 84.30, where it is the first suggested target for the bearish butterfly pattern. Crude closed yesterday above this level as momentum indicators were showing oversold signs, but at the same time stabilizing below 84.30 that could cause a bullish correctional wave. Hence, we remain neutral today is we do not witness a breach of 85.60. The trading range for today is among the key support around 81.75 and the key resistance around 87.30. The short term trend is expected towards the upside as long as the daily closing is above 84.00 with targets at 99.00. Previous Report Weekly Report
Based on the charts and explanation above our opinion is remaining neutral today until we receive signs that insure its upcoming direction.