Crude oil keeps declining – Analysis - 24-04-2017

Crude oil price approached from 49.00 $ barrier in the last sessions, showing some upside moves to test 50.00 barrier that turns into resistance now after breaking it previously, noticing that the EMA50 forms continuous negative pressure against the intraday trading, while stochastic shows overbought signals now.

Therefore, our bearish trend expectations will remain valid until now, and the main target represented by testing 48.37 level, pointing that breaching 50.35 level will stop the current negative pressure and pushes the price to recovery attempts that its targets begin at 52.25 and extend to 52.96.

Expected trading range for today is between 48.37 support and 51.10 resistance.

Expected trend for today: Bearish