Crude is still fluctuating around the support of the descending channel while Linear Regression Indicators are still negative, which forces us to keep our expectations of a downside move on the short and intraday basis targeting 80.00 then 78.00. Of note, MACD is still positive and the sideways volatility could stay valid with positive attempts to stop the negative pressure dominating the short-term trading.
Support: 81.00, 80.45, 80.00, 79.15, 78.70
Resistance: 81.85, 82.70, 83.25, 84.05, 84.90
Resistance: 81.85, 82.70, 83.25, 84.05, 84.90
Recommendation Negative expectations below 81.85, risk-limit above 83.25.
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