Crude oil attempts to recover – Analysis - 14-08-2017

Crude oil price provides positive trading after touching the bullish channel's support that appears on chart, but it faces good resistance at 48.95, which represents the meeting point of the previously broken support line with the EMA50, noticing that stochastic shows overbought signals, to add more negative pressure on the price in the current areas.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, noting that breaking 48.15 will push the price towards 46.80 as a next main target, while breaching 48.95 will stop the expected negative pressure and push the price to regain the main bullish trend again.

Expected trading range for today is between 46.80 support and 50.00 resistance.

Expected trend for today: Bearish