No buyers response when crude broke 7 day balance area was a sign that more downside was to come.
Trading at $90.60 as I am writing this post, price action has exceeded some of yesterday´s targets.
As a next downside target, I´ll be looking into $90-$89.75, followed by $89.90-$89.75 –
$89.25-$89 is another area I´ll be watching, followed by $88.50 & $88.
Looking forward into it, $86.50-$86 is another area that I would expect some buyers to pressure, in the event price gets there.
I am still leaning into more downside (and some consolidation eventually) – watching longer terms levels, the picture is definitely not a constructive one.
Alternatively, within a CONSOLIDATION scenario (which, at the moment, I do not see likely, although I always keep my options open), I would be looking at the extent of an eventual buying response at current levels.
In that sense $92 should be regained and the (important) area of $93.20-$92.30 should be regained. IN that event, I´ll be looking at $94.50 and above.