Crude oil faces strong negative pressure – Analysis - 26-05-2017

Crude oil price traded with strong negativity yesterday's evening to break the intraday ascending channel's support, noticing that 48.37 level formed solid support barrier against the mentioned pressure, which keeps bouncing from its negativity.

Therefore, we will continue to suggest the overall bullish trend unless breaking 48.37 level and holding below it, as breaking this level will push the price to head towards the next correctional level at 44.10, while the waited positive targets begin at 50.80 and extend to 54.05 then 55.27.

Expected trading range for today is between 48.00 support and 50.80 resistance.

Expected trend for today: Overall Bullish