Crude Oil resumes the decline 16/11/2012

The price declined again to settle below 86.00, while stochastic resumes losing its bullish momentum during the recent sideways trading.

For now, the bearish bias return is expected, which remains generally preferred as long as the trading remains stable below the previous breached neckline for the head and shoulders pattern shown at the image -at 88.65-, and the targets begin at 83.00 while achieving it requires stability below 86.00 on the intraday basis. 

Expected trading range for today is between: 82.00 support and 88.60 resistance.

Expected trend for today: Bearish