Crude Oil needs a confirmation signal – Analysis - 06/03/2015
Crude oil price ended yesterday’s trading below 51.20, and as we mentioned in our last technical update, this level formed a neckline for a minor double top pattern that might put more negative pressure to push the price towards 50.00 then 48.65 levels.
Stochastic is negative now and supports achieving more decline, but on the other hand, the price moves inside a minor bullish channel that might assist to push the price to turn back to rise again in case it succeeded to breach 51.20 level.
Therefore, we prefer staying aside now to monitor the price behavior according to the key levels represented by 50.25 support and 51.20 resistance.
Expected trading range for today is between 50.00 support and 54.00 resistance.
Expected trend for today: Depends on the above mentioned levels
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