Crude Oil under the negative pressure – Analysis - 22-07-2016

Crude oil price traded with clear negativity after failing to breach the EMA50, to break 45.61 level and head towards the minor bearish channel's support at 43.55, supported by the negative pressure provided by the EMA50.

Therefore, the bearish bias will be suggested for today, being aware that it is important to monitor the price behavior when reaching 43.55 level, as breaking it represents the key to extend the bearish wave to reach 41.87 direct, while holding against the current decline will lead the price to regain the main bullish bias that its targets begin by testing the bearish channel's resistance at 48.10.

Expected trading range for today is between 43.00 support and 47.00 resistance.

Expected trend for today: Bearish