Crude Oil breaks the support – Analysis - 28/05/2015

Crude oil price ended yesterday’s trading below 58.18 level, which stops the recently expected bullish trend scenario and put the price under the bearish correctional pressure again, to target the next correctional level located at 55.50 as a first main target.

The EMA50 forms negative pressure that supports moving inside the bearish channel that appears on image, noting that breaching 58.18 level will offer an initial positive motive that supports the attempts of regaining the bullish trend, while breaching 59.70 level represents the most important positive key to confirm stopping the current bearish correctional pressure.

Expected trading range for today is between 56.00 support and 59.70 resistance.

Expected trend for today: Bearish