Midday update for Crude Oil 03/03/2015

Crude oil price trades with slight positivity since morning, approaching from the highlighted sideways range’s resistance in the chart, which is located at 51.20, as long as the price between this resistance and 48.65 support, so the sideways trading will be preferred on the intraday basis, waiting for surpassing one of them to detect the next track clearly.

We remind you that breaking the mentioned support will turn the price to the main bearish trend, and targets begin at 46.65 and extend to 42.00, while breaching the resistance will push the trading to visit 54.45 level mainly.

Expected trading range for today is between 47.00 support and 52.00 resistance.

Expected trend for today: Sideways