Crude Oil activates the bearish pattern 31/07/2013

Crude oil price confirmed breaking the neckline of the head and shoulders pattern at 104.10, to activate this pattern which its targets are located between 100.00 and 99.20 

Therefore, the bearish bias will be preferred on the intraday basis, supported by the EMA50, unless managing to surpass 104.95 and holding above it, which will stop the negative effect for the mentioned pattern.

Expected trading range for today is between 101.00 support and 104.95 resistance.

Expected trend for today: Bearish