Crude Oil above the resistance – Analysis - 18/12/2014

Crude oil price provided strong positive trading yesterday evening to test 59.00 levels, but we notice the stability of the trading near the bearish channel’s resistance that appears in the image, while stochastic loses its positive momentum gradually, which encourages us to keep preferring the overall bearish trend, which its next targets reach to 53.00.

We should be aware that there is a possibility for forming a potential technical positivity  currently, and it will be completed by breaching 59.15 level, where this breach will cause a turn in the inatrday trend towards the upside, to target 64.00 levels mainly.

Expected trading range for today is between 53.00 support and 59.15 resistance.

Expected trend for today: Bearish