Midday update for Crude Oil 27-03-2017

Crude oil price shows slight bearish bias since morning moving away from 48.37 level, to keep the negative pressure dominant on the intraday and short term trading, supported by the EMA50, waiting for heading towards 44.10 as a next main target, pointing that breaking 47.00 will ease the mission for achieving the mentioned target.

Therefore, our bearish trend expectations will remain active for today unless breaching 48.37 then 48.80 and holding above it, pointing that the EMA50 keeps supporting the suggested bearish wave.

Expected trading range for today is between 45.50 support and 49.00 resistance.

Expected trend for today: Bearish