Midday update for Crude Oil 29-08-2016

Crude oil price hovers around the EMA50 and around 23.6% Fibonacci level, while we still waiting to get clearer signal for the next trend, which we will get after breaching one of the key levels represented by 46.60 support and 48.35 resistance, thus, we will continue to monitor the price according to these levels until breaching one of them.

We remind you that breaking the mentioned support will extend the correctional bearish wave to reach 45.48 direct, while breaching the resistance will lead the price for recovery attempts and regain the main bullish trend that its targets begin at 49.34 followed by 51.65.

Expected trading range for today is between 45.00 support and 49.34 resistance.

Expected trend for today: Depends on the above mentioned levels