Crude was pushed to the upside according to yesterday’s suggested scenario, although the pivotal resistance has halted around 76.80 as a strong barrier in front of more bullish movement; thus retesting the previously breached neckline that has met with SMA 50. 
These factors point to the ongoing negative pressure on the pair; therefore we expect a bearish intraday trend, where its first key target is at 74.90. Keep in mind that strong support around 75.75 could impede crude’s attempts at descending.
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The trading range for today is among the key support around 74.00 and the key resistance around 78.25.
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The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com