Crude oil price fluctuates within tight range since morning settling below the EMA50, to keep the negative pressure valid for the upcoming period, waiting to break 48.37 level to reinforce the expectations of heading towards our next main target at 44.10, which represents 38.2% Fibonacci correction level for the rise measured from 26.04 to 55.27.
In general, we will keep our bearish trend expectations conditioned by the price stability below 50.35.
Expected trading range for today is between 46.50 support and 50.35 resistance.
Expected trend for today: Bearish