Crude Oil retests 30/11/2012

Crude Oil rallied to the upside to retest the previous broken neckline shown in the image, as the price found strong resistance there, to keep the sideways’ trading valid on the intraday basis which we expect to stay dominant as long as trading is limited between 89.00 and 86.00

Note that breaching above 89.00 will reinforce the chances to turn back to the main upside trend, while breaking below 86.00 will keep the negative effect of the Head and Shoulders’ pattern valid.

Expected trading range for today is between: 84.00 support and 91.00 resistance.

Expected trend for today: Sideways