Crude Oil attempts positively – Analysis - 24/04/2015

Crude oil price traded with strong positivity yesterday to attempt to breach the minor bearish channel’s resistance that appears on chart, and as we mentioned in our last technical update, this channel represents a continuation bullish flag pattern that supports resuming the main bullish trend, but the price needs a daily close above this channel’s resistance to confirm activating the positive effect of the mentioned pattern, as the price ended yesterday’s trading few pips below this resistance.

Therefore, we need to stay aside temporary in order to monitor the price behavior according to the key levels represented by 56.75 support and 58.45 resistance to detect the next destination clearly, noting that breaking the mentioned support will push the price to head towards retesting 54.45 level mainly, while breaching the resistance represents positive motive that supports continuing the bullish wave on the short term basis, to head towards 66.10 as a next main station.

Expected trading range for today is between 54.45 support and 60.00 resistance.

Expected trend for today: Depends on the above mentioned levels