Midday update for Crude oil 11-08-2017

Crude oil price achieved an initial break to 48.37 level and closed the last four hours candlestick below it, providing signals for the price head to activate the negative scenario on the intraday basis, targeting 46.80 levels mainly.

Therefore, the bearish bias will be preferred for the rest of the day unless breaching 48.37 level and holding above it, where this breach will sto the current negative pressure and turns us to the neutrality, until confirming surpassing one of the next trend keys that we mentioned in our morning report.

Expected trading range for today is between 46.80 support and 50.50 resistance.

Expected trend for today: Bearish