Crude Oil finds solid resistance – Analysis - 02/10/2015

Crude oil price bounced strongly to the downside after testing the key resistance 46.85, which proves its strength and sensitivity for the intraday and short term trend, to approach from the first key support at 44.10, waiting to break this level followed by breaking 43.37 to reinforce the expectations of continuing the main bearish trend.

Therefore, the bearish trend will be valid and active in the upcoming period, supported by moving below the EMA50, reminding you that our extended target is located at 37.73, which conditions holding below 46.85 to achieve it.

Expected trading range for today is between 43.00 support and 47.00 resistance.

Expected trend for today: Bearish