Midday update for Crude Oil 05/10/2015
Economies.com
2015-10-05 11:04AM UTC
Crude oil price crawls gradually to the upside approaching from the critical resistance at 46.85, as long as the price below this level, we keep preferring the overall bearish trend, supported by stochastic enter to the overbought levels.
Therefore, we wait for breaking 44.10 then 43.37 levels to reinforce the expectations for the main bearish trend continuation, being aware that breaching 46.85 level might push the price to visit 49.70 level before any new attempt to regain the bearish track.
Expected trading range for today is between 43.00 support and 47.00 resistance.
Expected trend for today: Bearish
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