WTI Crude Oil started the week sharply lower, extending last week’s sharp losses and breaking the short term ascending trend line shown on the daily chart above. It is approaching the 200-days SMA, and the key major support area among 92.00-91.00. The bearish bias remains strong and will probably continue through the week.
Support: 93.00, 92.35, 91.30, 90.10, 89.15
Resistance: 93.75, 94.10, 94.65, 95.75, 96.60
Based on the charts and explanations above, we prefer to short oil below 93.60, targeting 92.40 and 91.25. Stop loss with four-hour closing above 94.10