Crude Oil fails to settle positively – Analysis - 23/07/2014
Crude oil price declined clearly yesterday to stop the effect of the inverted head and shoulders pattern mentioned in our last reports, while it finds a good support base that formed by the EMA50, besides stochastic enter to the oversold levels.
Therefore, we will stay aside now in order to monitor crude oil price behavior according to the critical levels represented by 101.50 support and 103.00 resistance to detect the next trend clearly, where breaking the mentioned support will push the price to head towards 100.00 initially, while breaching the resistance will reactivate the positive scenario which targets 104.15 then 107.00 areas.
Expected trading range for today is between 100.70 support and 103.40 resistance.
Expected trend for today: Neutral
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