Crude oil price ended yesterday’s trading above 48.40 level after the sharp rise mentioned in our last technical update, which opens the way for recovery attempts and stop the recently dominating negative pressure.
On the other hand, we notice that the price found solid resistance formed by the EMA50 at 49.05, and that might assist to push the price to return to decline.
Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to 48.40 support and 49.05 resistance, noting that breaking the mentioned support will reactivate the negative scenario that its next main target located at 44.00, while breaching the resistance represents a positive key that will push the price to achieve gains that start at 51.10 and might extend to 53.30.
Expected trading range for today is between 46.00 support and 51.10 resistance.
Expected trend for today: Depends on the above mentioned levels