Crude Oil breaks the channel’s support – Analysis - 23/10/2014

Crude oil price achieved a clear break to the main bearish channel’s support and settled with a daily close below it, which signals that the price in its way to resume the main bearish trend without the need to visit the mentioned channel’s resistance.

Therefore, the bearish trend will be preferred in the upcoming period supported by the negative pressure that comes from the EMA50, and the targets begin by breaking 80.00 level to confirm targeting 77.25 areas, pointing that breaching 81.50 level will open the way to reactivate the intraday bullish bias, which heads towards 87.00 areas mainly.

Expected trading range for today is between 79.00 support and 81.50 resistance.

Expected trend for today: Bearish