Crude Oil - Technical Analysis: Thursday, 11/05/2017 05:05 GMT

Crude oil price rallied to the upside to exit the descending channel, testing the important resistance at 47.60, noting that settling below this level will keep the expected bearish trend valid, waiting to break 46.55 to confirm the continuation of the decline towards our main target at 43.50.

On the other hand, surpassing 47.60 will push the price to cover some of the recently suffered losses, to head towards testing 50.00$ barrier initially.