Crude Oil - Technical Analysis: Wednesday, 02/08/2017 07:30 GMT

Crude oil price fell under strong negative pressure yesterday to suffer strong losses that pushed the price to approach from the important support 48.18, noting that this level forms important support to the short term trades, as breaking it will push the price to suffer more losses that reach to 47.00 next.

RSI shows positive signals that might assist the price to return to rise again, thus, we expect witnessing bullish bias in the coming period, and the targets begin at 49.64 and extend to 52.00, while achieving them requires settling above 48.18.