Crude Oil suffers more losses – Analysis - 06/07/2015

Crude oil price opens today’s trading with strong decline to move below 55.50, which opens the way to extend the bearish correctional wave in the upcoming period, as the next target is located at 53.30, which represents 50% Fibonacci level for the bullish wave measured from 44.02 to 62.56.

Stochastic positivity might push the price to retest the broken 55.50 level before resuming the suggested bearish bias, noting that breaching this level will lead the price for recovery attempts that its main targets begin at 58.20.

Expected trading range for today is between 53.30 support and 57.00 resistance.

Expected trend for today: Bearish