Crude Oil under the negative pressure again – Analysis - 31/07/2015

Crude oil price could not manage to hold above the EMA50, to trade negatively and break 48.40 level and settle below it, which reactivate the bearish trend scenario that was stopped temporarily after the price was affected by the US inventory data on last Wednesday, opening the way to head towards the previously recorded low at 44.02 as a next main station.

Therefore, the bearish bias will be suggested for the upcoming sessions conditioned by holding below 48.40 and 48.90 levels, noting that stochastic current positivity might push the price to show some temporary sideways fluctuation before resuming the bearish trend.

Expected trading range for today is between 46.00 support and 50.00 resistance.

Expected trend for today: Bearish