Crude Oil crawls downwards – Analysis - 25-07-2016

Crude oil price continues the calm decline to approach from the minor bearish channel's support that declines now to 43.45, noticing that stochastic loses its positive momentum gradually to provide signals that support the continuation of the bearish bias in the upcoming period, especially that the EMA50 continues to push negatively on the price.

Therefore, the bearish trend will remain dominant on the intraday basis, and the next target is located at 41.87, noting that breaching 45.61 level will stop the current negative pressure and lead the price for recovery attempts that its main targets begin by breaching 48.05 level to open the way to head towards 51.65.

Expected trading range for today is between 41.87 support and 45.61 resistance.

Expected trend for today: Bearish