Midday update for Crude Oil 04/03/2015

Crude oil price fluctuates near the sideways range’s resistance that located at 51.20, while stochastic keeps providing negative signal on the one hours time frame, which strengthens the mentioned resistance and keeps the chances valid to visit the sideways range’s resistance at 48.65.

In general, we keep preferring the continuation of the sideways trading between the above mentioned levels, pointing that breaking the support will push oil price to target levels begin at 46.65 followed by 42.00, while breaching the resistance will lead the price to head towards 54.45 initially.

Expected trading range for today is between 48.00 support and 52.50 resistance.

Expected trend for today: Sideways