Crude Oil achieves some bearish correction – Analysis - 27/03/2015

Crude oil price shows negative trading since morning to approach from testing 50.00 level, while stochastic attempts to gain positive momentum on the intraday time frames to support the chances of bouncing upwards and resume yesterday’s suggested bullish trend, which mainly depends on the strong breach to the bearish channel’s resistance that appears on image, and the support that comes from the EMA50.

Therefore, we are waiting to target 54.45 levels mainly, being aware that there is a chance to form double top pattern shown on the minor image, this pattern will be completed in case the price succeeded to break 49.80 level, which will push the price to head towards 47.00 areas directly and offers initial signals on stopping the current positive scenario.

Expected trading range for today is between 48.90 support and 54.45 resistance.

Expected trend for today: Bullish