Oil loses momentum - Analysis - 18-08-2017

The price of oil is now testing the resistance of the bearish intraday channel and maintains stability below it, accompanied by stochastic approaching the overbought areas as it loses its positive momentum significantly over the intraday basis, while the SMA 50 is a continuous negative pressure against the price.

Therefore, these factors support the continuation of the overall downtrend scenario, targeting the levels of 45.40 then 44.10 mainly, noting that a breach of 47.10 will push the price to test the most important resistance for short-term trading at 48.37 before any new attempt to decline.

The trading range for today is expected among the support at 45.00 and the resistance at 48.37

The general trend for today is bearish