Crude Oil suffers some losses – Analysis - 11-01-2017

Crude oil price ended yesterday's trading below the bullish trend line that appears on chart, and as we mentioned in our last technical report, this break confirms opening the way to head towards 48.37 level as a next main station, which puts the price under negative pressure in the upcoming sessions, supported by the pressure formed by the EMA50.

Therefore, the bearish trend will be suggested on the intraday basis unless the price managed to breach 51.70 level and hold above it, as breaching this level represents the key to return to the main bullish track, noting that it is important to monitor the price behavior when reaching the targeted level, which represents 23.6% Fibonacci correction for the rise measured from 26.04 to 55.27, which means that breaking it will extend the correctional bearish wave to target 44.10 areas.

Expected trading range for today is between 48.37 support and 52.10 resistance.

Expected trend for today: Bearish