Crude oil tests the resistance – Analysis - 24-08-2017

Crude oil price traded with clear positivity yesterday's evening to settle at 48.37, keeping its stability below it until now, accompanied by stochastic reach to the overbought areas, which forms negative factor that we expect to push the price to resume the recently suggested bearish trend, keeping the price organized inside the bearish channel that appears on chart.

Our waited targets begin at 45.40 followed by 44.10, taking into consideration that breaching 48.37 followed by 48.70 levels will stop the current negative pressure and push the price to achieve gains that start at 50.00 and extend to 52.40.

Expected trading range for today is between 46.00 support and 49.60 resistance.

Expected trend for today: Bearish