Crude Oil - Technical Analysis: Tuesday, 04/08/2015 06:36 GMT

Crude oil price continues to suffer more losses after stopping the bullish correction that started after placing the last bottom at 42.03, and the price heads towards this low that we believe that the way is open to reach it, especially that the exponential moving averages 50 and 100 continue to support achieving more decline.

Stochastic offers clear negative signal that supports resuming the bearish bias strongly in the upcoming period, which will not be stopped unless the price manages to breach 51.10 level initially and hold above it, which will lead the price to achieve positive gains that might reach towards 57.50 on the near term basis.