Crude Oil - Technical Analysis: Tuesday, 02/05/2017 13:36 GMT

Crude oil price continues its negative trades after 23.6% Fibonacci level formed strong resistance barrier against the price recent positive attempts, to keep the bearish trend expected for the coming period, as our next target is located at 47.58.

Breaking the mentioned level will push the price to 46.00 on the near term basis, while surpassing 50.03 will lead oil price to return to the correctional bullish trend again, as the first main target is located at 51.54.