Crude Oil faces contradicted factors 03/06/2013

Crude oil chart shows the limitation of the recent trading inside a falling wedge with a positive nature, and after touching this pattern’s support line, an expected upside rebound might appear, supported by stochastic positivity.

On the other hand, we notice that the price is recording lower tops and bottoms, which hints to a possible turn to the downside, and the negative pressure coming from EMA50 supports this decline.

Therefore, the contradiction between the technical factors makes us need to stop aside now, to study the price moves deeper, and wait for clearer signals for the next intraday and short term trend.

Expected trading range for today is between: 90.00 support and 93.70 resistance.

Expected trend for today: Neutral