Crude oil price shows sideways trading since yesterday settling below the EMA50, to keep the negative pressure valid until now, noting that the price moves inside bearish channel that supports the continuation of the decline in the upcoming period.
Therefore, we will continue to suggest the bearish trend that its next targets located at 45.40 followed by 44.10, noting that breaching 48.37 followed by 48.80 levels will stop the expected bearish trend and push the price to regain the short term bullish trend.
Expected trading range for today is between 45.40 support and 49.00 resistance.
Expected trend for today: Bearish