Midday update for Crude Oil 08-12-2016

Crude oil price shows positive trading to approach from retesting the previously broken neckline of the head and shoulders' pattern at 50.30, and as long as the price is below this level, our bearish expectations will remain valid for today, waiting to test 49.00 level initially, reminding you with the importance and sensitivity of this level to confirm the extended targets as we mentioned in our morning report.

Note that breaching 50.30 level will stop the current negative pressure and lead the price to regain the main bullish trend, carried by the bullish trend line that appears on chart.

Expected trading range for today is between 47.50 support and 51.65 resistance.

Expected trend for today: Bearish