Midday update for Crude Oil 24-03-2017

Crude oil price shows slight bullish bias to test 48.00 barrier now, where the price affected by stochastic positivity, as long as the price below 48.37, so the negative pressure will remain valid in the upcoming period, targeting visiting 38.2% Fibonacci level at 44.10 as a next main station.

Therefore, the bearish bias will remain preferred for today unless witnessing clear breach and stability above 48.37 then 48.90 levels.

Expected trading range for today is between 46.00 support and 48.90 resistance.

Expected trend for today: Bearish