Crude Oil draws negative formation 29/07/2013

By the four hours chart for crude oil price, we notice that the price drawn a head and shoulders pattern which its neckline at 104.10, which hints that breaking below this level will provide strong negative motive, and that will push the price to visit 100.00 then 99.20 levels

On the other hand, Stochastic attempts to assist to regain the positive trading, which makes us continue in our neutral attitude until surpassing one of the critical levels which are represented by 104.10 support and 105.85 resistance, where breaching above this resistance will push the price to resume the bullish trend on the short term basis.

Expected trading range for today is between 103.00 support and 106.90 resistance.

Expected trend for today: Depends on the above mentioned levels