Expected trading range for today is between 47.50 supp , 51.10 res day: Bearish

Crude oil price fluctuates within tight track since morning near 49.00 level, while stochastic moves at the oversold levels now, which explains the reasons of stopping the bearish wave, the price might be forced to fluctuate in sideways range until getting enough negative momentum to push the price to resume the expected bearish bias.


In general, holding below 51.10 level keeps our bearish trend expectations valid and active, our main target located at 48.40, reminding you that monitoring the price behavior when reaching this level important, due to its importance to detect the next targets on the short term basis, which we explained in our morning report.


Expected trading range for today is between 47.50 support and 51.10 resistance.


Expected trend for today: Bearish

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