Crude oil price remains stuck between the neckline of the head and shoulders pattern at 104.10 and the EMA50 which acts as an intraday resistance at 105.40, where we are waiting for surpassing one of these levels to confirm the upcoming trend
Breaking the mentioned neckline will lead to a decline that its targets reach towards 100.00 then 99.20, while breaching 105.40 will push the price to test the main bearish channel’s resistance at 107.05
Expected trading range for today is between 103.00 support and 106.90 resistance.
Expected trend for today: Depends on the above mentioned levels