The commodity may be forming an intraday bullish continuation flag pattern, suggesting that bullishness may continue. Our suggested bullish scenario was activated this morning after oil dipped just below 91.55 within a normal downside pullback. To the upside breaching 92.30-92.40 may accelerate the bullish move toward our targets, while a dip below 90.60 may send the commodity lower toward 89.60.
The trading range for the day is among the major support at 89.60 and the major resistance at 96.00.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 91.50 | 90.60 | 90.00 | 89.60 | 88.60 |
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| Resistance | 92.30 | 93.00 | 93.85 | 94.50 | 95.00 |
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| Recommendation | Our morning expectations remain valid. | ||||
Please see the attached chart below.