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Crude Oil attacks the psychological barrier – Analysis - 02-08-2016
Crude oil price suffered sharp losses yesterday after the successful retest process to 41.87 level, to test 40.00$ per barrel barrier, which supports the continuation of our bearish overview efficiently on the intraday and short term basis, waiting to target 38.84 level that represents the next main target of the current bearish wave.
The EMA50 keeps pushing negatively on the price to support the suggested bearish trend scenario, which its continuation conditions holding below 41.87 and 42.70 levels.
Expected trading range for today is between 38.00 support and 41.87 resistance.
Expected trend for today: Bearish
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