Crude Oil approaches the resistance – Analysis - 04/03/2015

Crude oil price continues to rise gradually and slightly to approach from the sideways range resistance at 51.20, noting that stochastic offers negative signals now that might push the price to bounce bearishly and test the sideways range support at 48.65.

Therefore, the sideways range will remain dominating that intraday trading until the price succeeds to breach one of the above mentioned levels, reminding you that breaching the resistance will allow the price to achieve positive targets that start at 54.45, while breaking the support will push the price to turn back to the bearish trend on the short term and medium term basis, with targets that begin at 46.65 and extend to 42.00.

Expected trading range for today is between 48.00 support and 52.50 resistance.

Expected trend for today: Sideways