Midday update for Crude Oil 08/02/2016

Crude oil price resumes its negative trading approaching from 30.00$ per barrel barrier, waiting for breaking 29.60 level to reinforce the expectations of the decline continuation on the intraday and short term basis, which will lead the price to head towards our next main target at 25.48.

The EMA50 forms negative pressure that supports the expectations for the bearish trend, which will remain valid and active unless breaching 32.56 level and holding above it.

Expected trading range for today is between 29.00 support and 33.00 resistance.

Expected trend for today: Bearish