Crude Oil declines strongly – Analysis - 02/09/2015

Crude oil price bounced lower strongly after approaching from 50 % Fibonacci correction level for the last bearish wave that measured from 61.64 to 37.73, where the price succeeded to hit the mentioned negative target in our last technical update at 44.00, the price approaches from testing 23.6% Fibonacci level that measured to support now at 43.37 after breaching it previously.

Now, we prefer witnessing more downside moves in the upcoming period depending on the last bullish rally stop at the above mentioned 50 % Fibonacci level, and breaking 43.37 level will confirm the extension of the bearish wave towards the last bottom at 37.73, while the suggested bearish trend will remain unless breaching 46.85 level and holding above it.

Expected trading range for today is between 42.00 support and 46.85 resistance.

Expected trend for today: Bearish