Crude oil loses momentum – Analysis - 21-03-2017

Crude oil price fluctuates around 49.00 level after rolling over oil futures' contracts into May contracts, waiting to push on 48.37 level again and break it to confirm the continuation of the bearish wave on the short term basis, noticing that the EMA50 keeps pushing on the price, while stochastic loses its positive momentum gradually.

Therefore, these factors encourage us to keep our bearish overview for the upcoming period, taking into consideration that breaching 50.70 will stop the current negative pressure and lead the price to attempt to regain the main bullish track again.

Expected trading range for today is between 46.00 support and 50.70 resistance.

Expected trend for today: Bearish