The price has declined affected by facing the resistance of the descending channel seen on the image. EMA 20 and EMA 50 are covering the movements as well while ADX shows a bearish sign suggesting further losses over intraday basis. Stochastic has entered oversold territories and that may cause fluctuation. The price should stabilize below 92.15 to keep our scenario valid; whilst breaching 89.75 will confirm and accelerate the downside wave .
The trading range for today is expected among the major support at 88.55 and the major resistance at 93.10.
The short-trend trend is to the downside with steady trading below 106.40, targeting 90.20.
Support: 90.20, 89.75, 89.30, 88.80, 88.55
Resistance: 90.60, 91.05, 91.45, 91.80, 92.15
Recommendation Based on the charts and explanations above we recommend selling oil around 90.60 targeting 89.75, 89.30 and 88.55. Stop loss with four-hour closing above 91.45.
The trading range for today is expected among the major support at 88.55 and the major resistance at 93.10.
The short-trend trend is to the downside with steady trading below 106.40, targeting 90.20.
Support: 90.20, 89.75, 89.30, 88.80, 88.55
Resistance: 90.60, 91.05, 91.45, 91.80, 92.15
Recommendation Based on the charts and explanations above we recommend selling oil around 90.60 targeting 89.75, 89.30 and 88.55. Stop loss with four-hour closing above 91.45.
