Crude Oil - Technical Analysis: Friday, 03/03/2017 12:10 GMT

Crude oil price fell under strong negative pressure yesterday to approach from 38.2% Fibonacci correction level that forms the most important support to the short term trades at 52.44, noting that RSI moves at the oversold areas, which supports the chances of bouncing bullishly to resume the main bullish trend, waiting to test 54.15 level initially.

Thus, the overall bullish trend will remain valid unless the price achieved clear break to 52.44 level, as breaking this level will push the price to extend the correctional bearish wave towards 51.05 and might extend to 49.66, while surpassing 54.15 level represents the key to head towards the recently recorded top at 56.92.