Midday update for Crude Oil 28/08/2015

Crude oil price traded with clear negativity this morning testing 41.80 level, where the effect of stochastic negativity begins to push on the price to resume the overall bearish trend without reaching 44.00 level.

Therefore, we prefer the return of the main negative scenario, which its targets begin at 41.00 then 39.00, reminding you that breaking the last level will extend the bearish wave to target 35.13 level, while the bearish trend will remain valid unless breaching 44.00 level and holding above it.

Expected trading range for today is between 40.00 support and 44.00 resistance.

Expected trend for today: Overall Bearish