Crude oil faces strong negative pressure – Analysis - 11-08-2017

Crude oil price ended yesterday's trading at the key support 48.37 after the strong decline that the price witnessed in the past sessions, starting today with more decline that hints the attempt to break the mentioned level, reminding you that confirming this break will push the price to test 46.80 areas before any new attempt to resume the main bullish trend.

On the other hand, stochastic shows oversold signals that might protect the price from suffering more losses, which makes us prefer staying aside temporarily in order to monitor the price behavior according to the key levels represented by 48.37 support and 49.10 resistance, noting that breaching this resistance will stop the negative pressure and lead the price to regain its main bullish track again.

Expected trading range for today is between 46.80 support and 50.50 resistance.

Expected trend for today: Depends on the above mentioned levels