Crude oil pushes on the support – Analysis - 20-03-2017

Crude oil price begins today’s trading with clear negativity to begin pushing on the critical support level at 48.37, waiting for confirming breaking this level to reinforce the expectations of the bearish trend continuation, which gets continuous support from the EMA50.

Therefore, we wait for negative trading in the upcoming sessions, reminding you that our next main target located at 44.10, which represents 38.2% Fibonacci for the rise that was measured from 26.04 to 55.27, taking into consideration that the continuation of the bearish trend depends on the stability below 50.60 level.

Expected trading range for today is between 46.00 support and 50.00 resistance.

Expected trend for today: Bearish