The strong level of 89.15-60 stopped the oil’s positive momentum today and yesterday. Currently, RSI is negative, which could cause downside correctional movement today, where this movement remains valid as long as oil is stable below the Moving Average 200 at 90.10. This downside correctional movement is only a correction to strengthen the positive momentum.
The trading range for today is among the major support at 85.00 and the major resistance at 91.10.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 88.30 | 87.60 | 86.70 | 86.00 | 85.50 |
| Resistance | 89.10 | 89.60 | 90.15 | 90.60 | 91.10 |
| Recommendation | Based on the charts and explanations above our opinion is selling crude around 89.15 and take profit in three stages at (88.30, 87.60) and stop loss with 4-hour closing below 90.10 might be appropriate | ||||
Please see the attached chart below...