Midday update for Crude oil 18-08-2017

Crude oil price breached the intraday bearish channel's resistance and closed the last four hours' candlestick above it, which might push the price to provide temporary positive trading to test the key resistance 48.37 before resuming the main bearish bias.

Therefore, the price might witness some bullish bias on the intraday basis, but the oveall bearish trend still valid as long as 48.37 level remains intact, supported by the EMA50 besides stochastic move inside the overbought areas, waiting to head towards 45.40 followed by 44.10 levels mainly, taking into consideration that breaching 48.37 will stop the suggested negative scenario and push the price to regain the bullish track on the short term basis.

Expected trading range for today is between 45.00 support and 48.37 resistance.

Expected trend for today: Bearish