Crude Oil tests key resistance – Analysis - 26-08-2016

Crude oil price provided positive trading after testing the critical support at 46.60, to start negotiating the intraday bearish trend line that appears on chart, located now at 47.30, forming important key to the intraday trend, as breaching it represents positive factor that will lead the price for recovery attempts, its main targets begin by testing the previously recorded top at 49.34.

On the other hand, stochastic shows overbought signals that might push the price to visit the above mentioned key support again, reminding you that breaking this level will push the price to suffer more losses that its next targets reach to 45.48 and might extend to 44.29.

Therefore, we prefer to continue with our neutrality until the price confirms breaching one of the key levels represented by 46.60 support and 47.30 resistance to detect the next trend clearly.

Expected trading range for today is between 45.00 support and 50.00 resistance.

Expected trend for today: Depends on the above mentioned levels