Crude oil retests – Analysis - 06-07-2017

Crude oil price suffered sharp losses yesterday to retest the previously breached neckline of the inverted head and shoulders' pattern that forms key support at 44.80, accompanied by witnessing positive signals through stochastic, which forms positive motive that we expect to push the price to resume its bullish track on the short term basis, which targets 48.37 areas mainly.

Therefore, we will keep our overall positive overview unless breaking 44.80 followed by 44.10 levels and holding below them, noting that breaching 46.55 will ease the mission of heading towards the above mentioned target.

Expected trading range for today is between 44.10 support and 48.00 resistance.

Expected trend for today: Bullish