Midday update for Crude Oil 06/07/2015

Crude oil price resumed its negative trading after approaching from retesting 55.50 level as suggested in our morning report, as the price fluctuates around 54.50 level now, waiting to visit 53.30 level that represents the next main target.

Note that it is important to monitor the price behavior when reaching the targeted level, as breaking it will extend Crude oil price losses to reach 51.10 areas mainly, while the negative pressure will remain valid for today unless breaching 55.50 level and holding above it.

Expected trading range for today is between 53.30 support and 57.00 resistance.

Expected trend for today: Bearish