The price of oil is testing the SMA 50 and holding it steady below it, so that the negative pressure remains intact, awaiting a bounce back towards our awaited targets at 45.40 then 44.10.
It is important to note that a break of 48.37 will push the price to turn its intraday and short term upside move towards positive targets starting at 50.00 and extending to 52.40.
The trading range for today is expected among the support at 45.40 and the resistance at 49.00
The general trend for today is bearish