Midday update for Crude Oil 20-03-2017

Crude oil continues its negative pressure to break 48.37 level and attempts to settle below it, which supports the continuation of our bearish trend expectations efficiently in the upcoming period, easing the way towards the next correctional level at 44.10, and the price needs a daily close below 48.37 to confirm the continuation of the decline.

Therefore, we will keep our bearish trend expectations on the intraday and short term basis unless breaching 50.60 level and holding above it, pointing that the EMA50 supports the suggested decline.

Expected trading range for today is between 46.00 support and 50.00 resistance.

Expected trend for today: Bearish