Crude Oil - Technical Analysis: Monday, 13/03/2017 06:24 GMT

Crude oil price continued its decline strongly after confirming breaking 49.66 level, to succeed touching our waited target at 47.95 and settles there, and we believe that the door is open to continue the bearish bias especially that the exponential moving average 100 pushes negatively on the price, to target the recently recorded low at 45.18.

Thus, the decline will be expected on the short term basis, and we should note that surpassing 49.66 will stop the negative pressure and push the price to attempt to rise again.