Midday update for Crude Oil 02/09/2014

Crude oil price trades with clear bearish bias affected by stochastic negativity, while the price needs to break 94.75 level to confirm the continuation of the bearish trend on the intraday and short term basis, which will open the way towards heading to 90.00 areas mainly.

Until now, we still monitor crude oil price move according to the critical levels represented by 94.75 support and 96.15 resistance waiting to breach one of them to detect the next trend clearly.

Expected trading range for today is between 94.50 support and 97.00 resistance.

Expected trend for today: Depends on the above mentioned levels