Oil pared some of its latest losses to trade around 82.00 and to activate our intraday bearish scenario. In general our scenario remains valid so long as 82.65 remains intact over four hour closing basis. We expect the commodity to find selling interest near 83.00 area where the 50 period SMA is located.
The trading range for the day is among the major support at 77.00 and the major resistance at 85.75.
The short-term trend is to the downside with steady daily closing below 100.00 targeting 65.00.
| Support | 81.75 | 80.80 | 79.20 | 78.00 | 77.50 |
| Resistance | 82.70 | 83.30 | 84.10 | 84.70 | 85.75 |
| Recommendation | Our morning expectations remain valid. | ||||
Please see the attached chart below...