Crude Oil - Technical Analysis: Tuesday, 15/08/2017 04:33 GMT

Crude oil price declined strongly to break the important support levels 48.44 then 47.70, to turn the last level into important resistance now, as the price settles below this level, indicating that the negative pressure will remain dominant in the coming period, going for bearish correction that its next targets located at 47.22 then 46.23.

Thus, we expect the continuation of the bearish trend for today unless the price managed to rally to the upside to surpass 47.70 then 48.44 and settle above them.