Crude Oil under the negative pressure – Analysis - 08-12-2016

Crude oil price ended yesterday's trading below 50.30 level, to confirm completing the head and shoulders' pattern that appears on the minor image, and as we mentioned in our last technical update, the way is open to head towards 49.00 initially, noting that breaking this level will open the way to achieve the full target of the mentioned pattern at 48.00.

Therefore, the bearish bias will be suggested for today, unless breaching 50.30 level and holding above it, noting that it is important to monitor the price behavior when reaching 49.00 level, which represents the main bullish trend line that carries the main bullish wave since the beginning of this year, which hints the chances of facing difficulty to break this level to head towards the extended targets.

Expected trading range for today is between 47.50 support and 51.65 resistance.

Expected trend for today: Bearish