Crude Oil suffers sharp losses – Analysis - 01/10/2014

Crude oil declined sharply yesterday attacking the retest level of the previously breached bearish channel’s resistance, while the decline stopped at the intraday bullish trend line that appears on image, supported by stochastic positivity that might push the price to recovery attempts in the upcoming sessions.

Now, we expect to witness sideways trading as its shown in the above chart, waiting to confirm breaching one of this range’s lines represented by 90.00 support and 94.00 resistance to detect the next short term targets clearly.

Expected trading range for today is between 90.00 support and 93.00 resistance.

Expected trend for today: Sideways