End of day analysis for Crude Oil 27-03-2017

Crude oil price approached from testing the key support 47.00, as we mentioned in our last report that the price needs to break this level to reinforce the expectations of continuing the bearish trend on the intraday and short term basis, which its next main target located at 44.10.

In general, the bearish trend scenario will remain valid for the upcoming period as long as 48.37 level remains intact, noting that stochastic current positivity might cause some sideways fluctuation and new retest to the mentioned level before turning back to decline again.