Midday update for Crude Oil 28-04-2017

Crude oil price achieved initial breach to the intraday bearish channel's resistance but it found good resistance formed by 23.6% Fibonacci correction level for the decline measured from 54.12 to 48.24, to rebound bearishly and resume the bearish track again, which keeps our bearish overview valid until now, which targets surpassing 48.37 level to confirm extending the bearish wave towards 44.10.

Therefore, the bearish trend will remain suggested unless breaching 49.35 followed by 50.49 levels and holding above them.

Expected trading range for today is between 47.50 support and 50.49 resistance.

Expected trend for today: Bearish