Midday update for Crude Oil 22-03-2017

Crude oil price continues its negative trading to move away from 48.37 level, which supports the continuation of the bearish trend scenario efficiently in the upcoming period, on its way to head 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.

Therefore, the bearish bias will remain suggested for the rest of the day unless breaching 48.37 followed by 49.35 levels and holding above them.

Expected trading range for today is between 46.00 support and 49.35 resistance.

Expected trend for today: Bearish