Crude Oil still sideways – Analysis - 27/08/2015

Crude oil price continues to fluctuate within sideways track around 39.00 level, noticing that the daily candlestick close was below this level, which supports the continuation of the negative scenario on the short term and medium term basis, which mainly depends on the organized trading inside the bearish channel that appears on chart.

Therefore, we continue to suggest the bearish bias in the upcoming period supported by the EMA50, and the next target is located at 35.13, while the expected decline will remain valid unless breaching 40.15 – 40.65 and hold above them.

Expected trading range for today is between 37.50 support and 40.65 resistance.

Expected trend for today: Bearish