Crude Oil crawls towards the resistance – Analysis - 02/09/2014
Economies.com
2014-09-02 05:13AM UTC
Crude oil price fluctuates within sideways track since yesterday to approach gradually from the bearish channel’s resistance that is located now at 96.15, and according to the trading rules inside the channels, it’s possible to witness bearish rebound to resume moving inside this channel.
On the other hand, the EMA50 continues to show positive support for the intraday trading, which makes us prefer staying aside temporarily in order to monitor the price behavior according to the next trend keys which are represented by 94.75 support and 96.15 resistance.
Expected trading range for today is between 94.50 support and 97.00 resistance.
Expected trend for today: Depends on the above mentioned levels
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