Crude oil price succeeded to touch our main waited target at 41.87 and settles there, as the price finds solid support base there, which shows the importance and sensitivity of this level to detect the next destination on the short term basis, as breaking it represents negative factor that will extend the correctional bearish wave to reach 38.84 as a next main station, while holding against the negative pressure will lead the price for recovery attempts that start by testing 45.61 level mainly.
Therefore, we prefer staying aside temporarily in order to monitor the price according to the key levels represented by 41.87 support and 43.15 resistance, waiting to breach one of these levels to get clearer confirmation signal for the next trend.
Expected trading range for today is between 40.00 support and 44.00 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
