Crude Oil confirms the break – Analysis - 29-07-2016

Crude oil price ended yesterday's trading below 41.87 level, which confirms breaking this level and open the way to target the next correctional level at 38.84, therefore, we suggest the domination of the bearish trend in the upcoming sessions, especially that the EMA50 forms continuous negative pressure against the intraday and short term trading.

Note that the continuation of the suggested bearish trend depends on the stability below 41.87 and 43.05 levels, breaching these levels represents positive factor that will lead the price for recovery attempts that its main targets begin at 45.61.

Expected trading range for today is between 38.84 support and 43.00 resistance.

Expected trend for today: Bearish