Midday update for Crude Oil 31/10/2014

Crude oil price trades with bearish bias near the main bearish channel’s support, and the price is affected by the negative pressure that comes from the EMA50, while the sideways trading scenario remains valid in the upcoming period as long as the price is between 79.45 support and 83.10 resistance, waiting for breaching one of these levels to detect the next targets clearly.

Note that breaking the above-mentioned support will push the price to head towards77.00 level mainly, while breaching the resistance will open the way to achieve intraday gains that its main targets reach at 85.35. 

Expected trading range for today is between 79.45 support and 82.80 resistance.

Expected trend for today: Sideways