Crude oil loses momentum – Analysis - 28-03-2017

Crude oil price shows some bullish bias since yesterday’s evening to settle at 48.00, noticing that stochastic loses its positive momentum clearly and enters the overbought levels, providing negative motive that we wait to assist to push the price to bounce lower and resuming the bearish bias again.

Therefore, we will keep preferring the bearish trend in the upcoming sessions supported by the negative pressure that comes from the EMA50, reminding you that breaking 47.00 will ease the price mission to head to the next correctional level that located at 44.10, while holding below 48.37 represents an important condition for the continuation of the expected bearish trend.

Expected trading range for today is between 46.00 support and 49.00 resistance.

Expected trend for today: Bearish