Midday update for Crude Oil 28-06-2016
Crude oil price shows clear positive trading to begin to test the critical resistance at 47.55, as we mentioned in our morning report, this level represents one of the next trend keys besides 45.65 support, where the price needs to confirm breaching one of them to detect the next trend clearly.
Therefore, we will remain neutral until getting the waited confirmation signal, pointing that stochastic reaches he overbought levels to form a potential negative pressure against the upcoming trading.
To recognize the details of the expected targets from breaching the above-mentioned levels, please review our morning report.
Expected trading range for today is between 44.50 support and 49.00 resistance.
Expected trend for today: Depends on the above mentioned levels
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