Crude Oil under the negative pressure – Analysis - 25/07/2014

Crude oil price declined clearly yesterday to break 102.20 level, which signals that the price is under negative pressure that might push it to suffer more losses in the upcoming period, but we notice that stochastic enters the oversold levels to support the chances of bouncing higher and attempt to regain the main bullish track.

Therefore, we suggest witnessing sideways trading between 101.50 support and 103.00 resistance, waiting for breaching one of them to detect its next trend clearly, pointing that breaking the mentioned support will open the way towards visiting the psychological barrier at 100.00 mainly, while breaching the resistance will reactivate the main positive scenario which its near targets begin at 104.65. 

Expected trading range for today is between 100.75 support and 104.00 resistance.

Expected trend for today: Sideways