Crude Oil confirms breaching the channel – Analysis - 17/09/2014
Economies.com
2014-09-17 05:06AM UTC
Crude oil price clearly breached the bearish channel’s resistance line that appears on image, closing the daily candlestick above it, which opens the way to turn the intraday trading to the upside, targeting areas near 97.00.
Stochastic current negativity might push the price for some temporary fluctuation, and we note that breaching 97.00 will extend oil’s gains to reach 101.00 areas, while the bullish trend will remain valid unless breaking 92.90 level and holding below it.
Expected trading range for today is between 93.65 support and 96.90 resistance.
Expected trend for today: Bullish
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