Crude resumed its sharp upside rebound after placing the significant low of 91.30, approaching the main resistance line connecting the movements from 98.20 as seen on the daily graph below. Risk versus reward ratio becomes very high due to the sensitivity of the current trading levels. A break above 97.00 will bring additional upside actions but we remain neutral for now. On the downside, coming below 94.30 will be a very negative indication and will cause panic sell-off actions, targeting mainly 91.30 zones once again.
Support: 95.50, 95.00, 94.30, 93.60, 91.30
Resistance: 97.00, 97.75, 98.30, 99.00, 100.00
Based on the charts and explanations above, we prefer to stay aside as risk versus reward ratio is too high.
Support: 95.50, 95.00, 94.30, 93.60, 91.30
Resistance: 97.00, 97.75, 98.30, 99.00, 100.00
Based on the charts and explanations above, we prefer to stay aside as risk versus reward ratio is too high.