Crude oil touches the target – Analysis - 28-04-2017

Economies.com
2017-04-28 03:58AM UTC

Crude oil price managed to touch 48.37 level to show some bullish bias now, as this level represents 23.6% Fibonacci correction for the rise measured from 26.04 to 55.27, which means that breaking this level will push the price to suffer more losses that extend to reach 44.10.

 

On the intraday time frames, we find that the price moves inside bearish channel that appears on chart, and the price is testing this channel's resistance, which hints the price head to rebound bearishly followed by resuming the bearish trend again.

 

Therefore, we expect to witness negative trading in the upcoming sessions, taking into consideration that breaching 49.35 will push the price to start recovery attempts that its main targets begin at 50.49 and extend to 51.87.

 

Expected trading range for today is between 47.50 support and 50.49 resistance.

 

Expected trend for today: Bearish

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