Crude Oil crawls downwards – Analysis - 28/07/2015

Crude oil price traded with clear bearish bias yesterday to move away from 48.40 level, noticing that the daily candlestick close was recorded below 47.00, which adds more support to the expectations to continue the bearish trend in the upcoming period, waiting to visit 44.02 level that represents the main target for the current bearish wave.

The EMA50 continues to support the suggested decline, which will remain valid and active unless breaching 48.40 followed by 49.35 levels and holding above them.

Expected trading range for today is between 45.00 support and 48.40 resistance.

Expected trend for today: Bearish