Crude Oil opens the way for more decline – Analysis - 28/11/2014

Crude oil price ended yesterday’s trading below the bearish channel’s support after the sharp decline that followed OPEC meeting’s decision, which hints that the bearish trend will extend on the short term and medium term basis, to target 66.10 areas as a next main station.

The EMA50 continues to push negatively on the short term trading to support the continuation of the bearish trend, noting that breaching 69.85 level will offer an initial positive motive that supports the attempts to stop the current negative pressure followed by achieving some intraday gains.

Expected trading range for today is between 66.10 support and 70.00 resistance.

Expected trend for today: Bearish