Midday update for Crude oil 07-07-2017

Crude oil price traded with strong negativity to break the key support 44.50 and close the four hours' candlestick below it, which represents the neckline of the double top pattern that appears on chart, to activate the negative pattern that we expect to push the price towards 42.04 mainly.

Therefore, our bearish overview will remain valid efficiently for the upcoming sessions supported by the negative pressure provided by the EMA50, unless breaching 45.50 followed by 46.05 levels and holding above them.

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

Expected trend for today: Bearish