Crude Oil out of the channel, temporarily 19/02/2013
Economies.com
2013-02-19 05:16AM UTC
Crude oil trading is out of the upside channel due to the sideways and weak trading of yesterday, thus, this break cannot be considered as a true one, which makes us keep our positive overview on the intraday and short term basis, and the price needs to trade back above 96.45 to confirm our positive expectations.
On the other side, we need to take into consideration that breaking below 95.20 will activate a negative effect of a double top pattern which will be completed by breaking the mentioned level.
Expected trading range for today is between: 94.50 support and 99.00 resistance.
Expected trend for today: Bullish
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