Crude Oil - Technical Analysis: Thursday, 17/08/2017 04:27 GMT

Crude oil price declined strongly yesterday after successful retest to the previously broken support of the ascending channel, to succeed breaking 47.22 level and settles below it, confirming the continuation of the bearish trend on the short term basis, as our next target is located at 46.23.

Thus, the bearish trend will remain expected in the coming period, and breaking the mentioned level will push the price towards 45.24, while surpassing 48.44 will stop the expected decline and lead the price to return to the bullish track again.