Crude Oil heads to retest 17/07/2013

Crude oil price closed yesterday’s trading with bearish bias heading towards retesting the previously breached resistance which turns into support now at 105.00, where holding above this level is considered as the most important factor for the continuation of our overall positive expectations.

You must be aware that surpassing 107.15 is required to confirm nonexistence of a bearish technical pattern which is a double top formation, where the completion of this pattern will lead to an intraday decline that its targets reach towards 101.00

Expected trading range for today is between 104.30 support and 108.00 resistance.

Expected trend for today: Bullish