Crude oil confirms the break – Analysis - 22-03-2017

Crude oil price confirmed breaking 48.37 level after ending yesterday’s trading below it, to reinforce the expectations for the bearish trend continuation on the intraday and short term basis, waiting for continuing the bearish trend on the intraday and short term basis, waiting for the continuation of the decline to 38.2% Fibonacci level that located at 44.10.

Therefore, we wait for more of the negative trading in the upcoming sessions, supported by the negative pressure that keeps the MEA50 by providing it, being aware that breaching 48.37 then 49.35 levels will stop the current negative pressure and pushes the price to test 50.70 level before any new attempt to decline.

Expected trading range for today is between 46.00 support and 49.35 resistance.

Expected trend for today: Bearish