Crude Oil returns to the sideways range – Analysis - 02/02/2015

Crude oil price achieved good gains by the end of last Friday’s trading sessions to settle inside the sideways range again, which its lines represented by 44.75 support and 49.60 resistance, which makes us suggest the return of the sideways trading domination on the intraday actions until the price manages to breach one of the mentioned levels.

Note that breaking the above mentioned support will push the price to resume the main bearish trend again, with targets that begin at 42.00 then 40.00, while breaching the resistance will open the way to achieve more gains on the intraday and short term basis, to target 54.50 levels initially.

Expected trading range for today is between 44.75 support and 49.00 resistance.

Expected trend for today: Sideways