Crude respected yesterday’s scenario, stabilizing around the pivotal level at 75.75. Crude’s stability below this level signals the likelihood for further bearish movement, with a bearish pattern seen with the neckline at yesterday’s recorded bottom of 75.20. 
Therefore, we expect an overall bearish intraday trend that requires first a base to be built on 75.75; second, the breach of 75.20, and third, stability below 77.20.
.
The trading range for today is among the key support around 73.10 and the key resistance around 77.20.
.
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