Crude Oil awaits the confirmation – Analysis - 29-08-2016

Crude oil price showed positive attempt on last Friday but it returns to fluctuate around the EMA50, to keep trading stuck between the key levels represented by 46.60 support and 48.35 resistance, as the price needs to breach one of these levels to detect its next destination clearly.

Therefore, our neutrality will remain valid until now, noting that breaking the above mentioned support will push the price to extend the bearish correction and target 45.48 areas as a next main station, while breaching 48.35 resistance represents the first key to regain the main bullish trend, which its targets begin at 49.34 and extend to 51.65.

Expected trading range for today is between 45.00 support and 49.34 resistance.

Expected trend for today: Depends on the above mentioned levels