Crude Oil negotiates the psychological barrier – Analysis - 03/11/2014

Crude oil price maneuvers around 80.00 and the main bearish channel’s support level, while the price is still confined inside the sideways range that appears on the above chart, which its lines represented by 79.45 support and 83.10 resistance, as the price needs to breach one of these levels to detect the next destination clearly.

We remind you that breaching the mentioned resistance will lead the price to recovery attempts that its main targets begin at 85.00, while breaking the support will push the price to suffer more losses on the short term basis, and the next target is located at 77.00.

Expected trading range for today is between 79.00 support and 82.00 resistance.

Expected trend for today: Sideways