Crude Oil - Technical Analysis: Friday, 04/08/2017 04:09 GMT

Crude oil price declined strongly yesterday to trade around 49.00 level now, showing possibility of starting bearish correction on the intraday basis, noting that breaking 48.44 will confirm extending the correctional bearish wave to reach 47.22 as a next target.

Until now, the overall bullish trend still valid unless breaking 48.44 level and settling below it, noting that the positive targets begin by surpassing the recent top at 50.42 to open the door to head towards 52.00.