The short-term downside trend and the sideways wave on intraday basis will resume valid as far as trading is below 111.80-00 which adds negativity to crude that is seen for today. Targets now are at 105.55-15 again over the short term yet the sideways wave that will end by breaching 107.00 might create further declines that might reach around 100 levels over the medium term as our targets for that are at 99.50. Yet we must note that technical indicators conflict among momentum and direction, as momentum shows crude is heavily oversold while the latter points south and that shall create high volatility over intraday basis.
The trading range for today is expected among the key resistance level at 112.85 and the key support level at 101.85
The general trend is to the upside as long as 100.00 remains intact, targets now are at 150.00 and 153.65.
| Support | 107.30 | 105.15 | 104.50 | 103.10 | 101.85 |
| Resistance | 109.00 | 110.60 | 111.15 | 112.85 | 114.60 |
| Recommendation | ... | ||||