Crude oil keeps its negative stability – Analysis - 27-03-2017

Crude oil price’s trading remains stable below 48.37 level, which keeps the negative pressure valid until now, and the price affected by the previously completed double top pattern that appears in the image, reinforcing the continuation of the bearish correctional wave extension to 44.10.

Therefore, we will keep preferring the bearish trend on the intraday and short term basis unless breaching 48.37 then 48.80 levels and holding above it, where breaching these levels will push the price to test the most important resistance levels for the short term trading between 50.70 and 51.00 before any new attempt to decline.

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Expected trading range for today is between 45.50 support and 49.00 resistance.

Expected trend for today: Bearish