Crude Oil keeps its negative stability – Analysis - 06/10/2015

Crude oil price made a new test to 46.85 level and kept its stability below this level, showing bearish rebound signals now that reinforce the expectations of resuming the overall bearish trend, which gets support from the negative signal that comes from stochastic on the four hours time frame.

Therefore, we keep referring the bearish trend on the intraday and short- term basis, which its targets begin by breaking 44.10 and 43.37 levels to open the way towards visiting 37.73 level, being aware that the continuation of the suggested decline requires holding below 46.85 level. 

Expected trading range for today is between 43.00 support and 48.40 resistance.

Expected trend for today: Bearish