Crude Oil tests the support 27/05/2013

Economies.com
2013-05-27 05:18AM UTC

Crude oil price trades with some bearish bias approaching from the main bullish channel’s support at 92.80, while Stochastic is getting ready to provide a positive overlapping signal on the daily time frame.

 

In general, the sideways trading scenario remains valid on the intraday basis, between the mentioned support and 96.65 resistance, taking into consideration that breaking below 92.80 will lead to a decline that its main targets begin at the psychological barrier 90.00.

 

Expected trading range for today is between: 92.00 support and 95.50 resistance.

 

Expected trend for today: Sideways

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