Crude oil Analysis: 23 August 2016

bearish

Crude oil prices went down surprisingly after the yesterday news that spilled the bean of the Chinese fuel exports. Iraqi and Nigerian exports increases alongside and all these factors have brought an incisive decline that changed the bullish trend from 47.40 FOLLOWED BY 46.96. This suggests that the price would decline in the upcoming sessions.

Expected trading range for today is between 44.30 support and 48.00 resistance.

Expected trend for today: Bearish

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