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Crude Oil returns inside the wedge 07/03/2013
Crude oil declined sharply yesterday, and made an attempt to break below 90.20 and 90.00, but on the other hand, the price gets now a group of positive factors, and the most important is:
First: the daily close stability above the mentioned levels.
Second: Stochastic positivity.
Third: recording a higher top than the recent one.
Fourth: trading above the falling wedge’s resistance again.
All these factors encourage us to continue in preferring the bullish trend, taking into consideration that the stability below 90.00 and then breaking below 89.50 will turn the intraday and short term basis to the downside.
Expected trading range for today is between: 89.00 support and 93.30 resistance.
Expected trend for today: Bullish
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