Midday update for Crude Oil 11/02/2016

Crude oil price continues its gradually decline settled below 27.00 level, while the EMA50 continues its negative pressure on the intraday and short term basis, to keep the bearish trend expectations valid and active in the upcoming period, and the way open for visiting our main waited target at 25.48.

Holding below 29.40 level represents the first important condition for protecting the expected bearish trend, where breaching this level will push the price to test 32.56 level before any new attempt to decline.

Expected trading range for today is between 25.00 support and 28.50 resistance.

Expected trend for today: Bearish