Crude oil price hovers near the EMA50 keeping its stability below it, while stochastic shows positive signals that might cause more of the sideways fluctuation before attempt to resume the bearish trend.
In general, the overall bearish trend scenario remains valid as long as the price below 46.85 level, the price needs to break the support levels that located between 44.10 and 43.37 to confirm the extension of the bearish wave towards the previously recorded bottom at 37.73.
Expected trading range for today is between 43.00 support and 47.00 resistance.
Expected trend for today: Bearish