Crude Oil within sideways track – Analysis - 09/05/2016

Crude oil price showed sideways trading recently as appears on chart, thus, the price needs to exit the sideways range that its lines represented by 43.20 support and 46.05 resistance to detect the next destination clearly, which makes us continue with our neutrality until now.

Note that breaching 46.05 will motivate the price to resume the bullish trend inside the price channels that appear on image, and the positive targets begin at 48.40 and extend to 51.10, while breaking 43.20 support represents negative factor that will push the price to visit the main bullish channel’s support around 41.20 before any new attempt to rise.

Expected trading range for today is between 43.00 support and 48.00 resistance.

Expected trend for today: Depends on the above mentioned levels