Crude Oil returns to the channel 05/08/2013
Economies.com
2013-08-04 23:45PM UTC
Crude oil price ended last week’s trading with negativity, settling below the bearish channel’s resistance, which stops the recently suggested bullish trend scenario, and makes us need a confirmation signal for the next trend.
This signal will be provided through breaking 105.80 level, which will lead into more decline towards 102.60 initially, or breaching 108.05, to bring back the chances to resume the overall bullish trend again.
Expected trading range for today is between 105.00 support and 108.75 resistance.
Expected trend for today: Neutral
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