Crude Oil awaits the confirmation – Analysis - 31/03/2015

Crude oil price is stuck within sideways track between 61.8% and 38.2% Fibonacci levels – 47.25 and 49.25 levels consecutively – for the recent bullish wave measured from 44.02 to 52.46, thus, the price needs to breach one of these levels to detect its next destination clearly, which makes us continue monitoring the price behavior in the upcoming sessions.

Note that breaking 47.25 support will put the price under the negative pressure again, to target areas that begin at 44.00 and extend to 41.50, while breaching the resistance will allow the price to regain the gains’ path on the intraday and short term basis, to head towards positive targets that start at 52.45 then 54.45.

Expected trading range for today is between 46.00 support and 50.00 resistance.

Expected trend for today: Depends on the above mentioned levels