Midday update for Crude oil 23-08-2017

Crude oil price still stable below the EMA50, to keep the price inside the bearish channel that appears on chart, therefore, the bearish trend still dominant on the intraday and short term basis, waiting to target 45..40 followed by 44.10 levels mainly.

We remind you that breaching 48.37 followed by 48.80 levels will stop the suggested negative scenario and push the price to rise again, to start the positive targets at 50.00 and extend to 52.40.

Expected trading range for today is between 45.40 support and 49.00 resistance.

Expected trend for today: Bearish