Crude oil under the negative pressure – Analysis - 07-07-2017

Crude oil price lost the gains that it achieved in the previous sessions to trade with strong negativity after testing 46.50 areas yesterday, as it settles below 45.00$ barrier now, which hints the price head to suffer more losses in the upcoming sessions, especially that the price draws double top pattern that appears on the above chart.

The confirmation line of the mentioned pattern is located at 44.50, which means that breaking this level will confirm rallying bearishly towards last month recorded low at 42.04, therefore, the bearish trend will be expected in the upcoming sessions supported by the negative pressure formed by the EMA50, unless the price managed to rally bullishly to breach 45.50 followed by 46.05 and hold above them.

Expected trading range for today is between 43.00 support and 46.50 resistance.

Expected trend for today: Bearish