Midday update for Crude Oil 26/08/2015

Crude oil price shows sideways and tight range trading since morning, settled at the rising wedge’s support that appears in the chart, as we mentioned in the morning, the price needs to break the support of this pattern to motivate the price for continuing the overall bearish trend, where breaking 39.00 level represents the heading key towards 35.13 as a next main station.

In general, we will keep our bearish trend expectations conditioned by holding below 40.65 level, where breaching this level will stop the current bearish wave and leads the price to begin attempts for compensating the losses that suffered recently.

Expected trading range for today is between 37.50 support and 40.65 resistance.

Expected trend for today: Bearish