Crude Oil touches the channel’s resistance 08/07/2013

Crude oil price succeeded to touch the upside channel’s resistance at 104.00, stopping now due to the strength of the mentioned resistance which gets support from stochastic negativity.

Now, we need to stop aside temporarily, in order to confirm the next price trend, through monitoring 104.00 resistance and 102.70 support levels, as breaching the mentioned resistance will open the way for more gaining on the short term basis, while breaking the support will extend the decline towards 101.95 followed 100.65

Expected trading range for today is between 101.95 support and 105.40 resistance.

Expected trend for today: Depends on the above mentioned levels