Crude Oil had to retrace 04/07/2013

Crude oil bounced to the downside after testing 102.00 level, as the price made some bearish correction for the recent sharp bullish wave, while the price keeps the daily close above 101.00, which supports the continuation of the bullish trend on the intraday and short term basis.

Stochastic heads towards the oversold area to reinforce the expectations to resume the bullish trend, which mainly targets 104.40 level, while achieving it requires holding above 100.15 to cancel the possibility of any extended bearish correction.

Expected trading range for today is between 100.00 support and 104.00 resistance.

Expected trend for today: Bullish