Crude oil resumes the decline – Analysis - 24-03-2017

Crude oil price keeps its stability below 48.37 level after retesting it yesterday, to rebound bearishly and resume the expected bearish bias on the intraday and short term basis, supported by the negative pressure provided by the EMA50, waiting for more negative trading in the upcoming period.

Therefore, we expect the continuation of the correctional bearish pressure that its next target located at 44.10, which represents 38.2% Fibonacci correction level for the rise measured from 26.04 to 55.27, taking into consideration that breaching 48.37 followed by 48.90 levels will stop the expected decline and lead the price to test 50.70 areas before any new attempt to decline.

Expected trading range for today is between 46.00 support and 48.90 resistance.

Expected trend for today: Bearish