Crude Oil confirms the break – Analysis - 31-08-2016

Crude oil price confirmed breaking 46.60 level after closing the daily candlestick below it, which opens the way to continue the negative pressure in the upcoming period, to target testing 38.2% Fibonacci level at 45.48 as a next main station.

We notice that the price opened today's trading with bearish gap that the price managed to cover it now, which hints that the chances are valid to resume the bearish bias in the upcoming sessions, noting that the expected decline will remain valid unless the price managed to breach 46.60 followed by 46.96 levels and hold above them, which will stop the correctional bearish pressure and lead the price to regain the main bullish trend.

Expected trading range for today is between 44.29 support and 48.00 resistance.

Expected trend for today: Bearish