Crude oil seeks higher bottom – Technical Analysis – 13-10-2015

Crude oil declined at the last session, for the second consecutive session, while the short term bullish trend line still carrying the price, showing some correction for this uptrend, seeking a higher bottom to consolidate above it and rebound bullishly again, while we should note that breaking the moving average 50 might put the price under negative pressure in the coming trading.

Therefore, we expect some correctional decline in the coming sessions, targeting a test to the key support 46.00 before turning back to rise.