Crude Oil awaits the break – Analysis - 09/02/2016

Crude oil price keeps providing negative trading to move near a critical support level at 29.40, where this level represents neckline for a potential double top pattern, which means that breaking it will provide strong negative motive that supports the continuation of the main bearish trend, and its next main target at 25.48.

Therefore, our bearish trend expectations will remain valid and active, supported by the negative pressure that comes from the EMA50, reminding you that holding below 32.56 represents an important condition for achieving the waited targets.

Expected trading range for today is between 28.00 support and 31.50 resistance.

Expected trend for today: Bearish