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Midday update for Crude Oil 02-08-2016
Crude oil price trading settles near 40.00 ad shows slight bullish bias that affected by stochastic positivity, while the EMA50 continues to push negatively on the intraday and short term trading.
As long as the price below 41.87 level, so our bearish trend expectations will remain valid and active, and the way open towards targeting 38.84 level that represents 50% Fibonacci level for the rise that measured from 26.04 to 51.65, which signals that it is important to detect the next trend on the medium term basis, where breaking it represents the extension key for crude oil losses towards 35.82 as aa next main station, while its stability will lead the price to recovery attempts and regain the main bullish trend.
Expected trading range for today is between 38.00 support and 41.87 resistance.
Expected trend for today: Bearish
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