Midday update for Crude Oil 24/04/2015

Crude oil price negotiates the minor bearish channel’s resistance that appears in the chart, where the fluctuation continues without confirming breaching it until now, and the price is affected by stochastic current negativity, which explains the reasons of the sideways fluctuation.

Until now, we still waiting for getting a clearer confirmation signal for the next trend by surpassing one of the next trend keys represented by 56.75 support and 58.45resistance, to recognize the details of the expected targets from the breach, please review our morning report.

Note that the contradiction between the EMA50 positivity and stochastic negativity represents another reason for the neutrality.

Expected trading range for today is between 54.45 support and 60.00 resistance.

Expected trend for today: Depends on the above mentioned levels