Midday update for Crude Oil 31-08-2016
Economies.com
2016-08-31 10:22AM UTC
Crude oil price keeps its stability below 46.60 level, which keeps the negative pressure valid for the upcoming period, waiting to test 45.48 level initially, noting that breaking this level will extend the negative effect on the short term basis to reach 44.29 as a next main station.
Overall, we will keep our bearish overview supported by the EMA50 unless we witnessed clear breach and holding above 46.60 followed by 46.96 levels.
Expected trading range for today is between 44.29 support and 48.00 resistance.
Expected trend for today: Bearish
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