Crude Oil retests – Analysis - 30/01/2015

Crude oil price settles at the retest level of the broken sideways range support at 44.75, and as long as the price is below this level, our bearish trend overview still valid and active, waiting to head towards 42.00 as a first main station.

The EMA50 supports the expected decline, noting that breaching 44.75 level will open the way for new recovery attempts that its targets begin at 46.30 then 49.60.

Expected trading range for today is between 42.00 support and 46.40 resistance.

Expected trend for today: Bearish