Midday update for Crude Oil 29-07-2016

Crude oil price shows more bearish bias to settle below 41.00$ per barrel barrier, as the negative pressure provided by the EMA50 continues, which supports the continuation of the bearish trend in the upcoming period, and the way is open to visit 38.84 level that represents 38.2% Fibonacci correction for the bullish wave that appears on the above chart.

Therefore, the bullish bias will remain dominant in the upcoming sessions unless breaching 41.87 followed by 43.05 levels and holding above them.

Expected trading range for today is between 38.84 support and 43.00 resistance.

Expected trend for today: Bearish