Crude Oil tests the key support – Analysis - 28/07/2014

Crude oil price make an attempt to break 101.50 level last Friday but it couldn’t settle below it, which keeps the sideways trading scenario valid on the intraday basis between the mentioned support and 103.00 resistance, and the price need s to breach one of these levels to detect its next track clearly.

We remind you that breaking the mentioned support will push the price towards 100.00 and it might extend to 99.10 in the upcoming period, while breaching the resistance will open the way towards achieving gains that begin at 104.60 then 106.00.

Expected trading range for today is between 100.00 support and 103.30 resistance.

Expected trend for today: Sideways