Crude Oil continues to decline – Analysis - 11/02/2016

Crude oil price bounced lower strongly after approaching from retesting 29.40 level yesterday, to suffer losses and settles below 27.00 $ per barrel barrier now, reinforcing the expectations for the continuation of the main bearish trend that its next target at 25.48.

Therefore, we believe that the chances available for achieving more of the downside move in the upcoming sessions supported by the negative pressure that comes from the EMA50, pointing that breaking the targeted level will extend crude oil losses to reach 21.00 as a next main station, while the bearish bias will remain valid unless breaching 29.40 then 32.56 levels and holding above it.

Expected trading range for today is between 25.00 support and 28.50 resistance.

Expected trend for today: Bearish