Midday update for Crude oil 14-03-2018

Crude oil price shows some slight rise to approach the key resistance 61.40, met by the EMA50 that adds more strength to it, which keeps the bearish trend scenario active until now, waiting to break 60.14 level to confirm extending the bearish wave towards 58.60, noting that breaching 61.40 will push the price to achieve gains that start at 62.65 and might extend to 64.20 on the near term basis.

Expected trading range for today is between 59.00 support and 62.00 resistance.

Expected trend for today: Bearish