Crude Oil below the moving average – Analysis - 01/12/2015

The EMA50 managed to form a good resistance obstacle against Crude oil price positive attempts yesterday, to bounce lower in attempt to resume the main bearish trend, which keeps the bearish trend scenario efficiently in the upcoming period, which targets testing the previously recorded bottom at 37.73 as a next main station.

We remind you that holding below 43.37 represents an important condition for achieving the suggested decline, where breaching this level will lead the price to recovery attempts that its main targets begin at 46.85 before any new attempt to decline.

Expected trading range for today is between 39.00 support and 43.37 resistance.

Expected trend for today: Bearish