Oil faces negative pressure - Analysis - 14-06-2017

Oil ended yesterday's trading below $ 46.00 per barrel after positive attempts in recent sessions. The bearish trend remains effective over the short and medium term, supported by the negative pressure formed by the 50 SMA, awaiting the resumption of the bearish trend with the next key target at 44.10.

Keep in mind that a breach of 46.90 will stimulate the bullish rally to test the most important resistance for short-term trading at 48.37 before any new attempt to decline, taking into account that breaching the last level will lead the price to turn its course upwards and regain the main upside direction again.

The trading range for today is expected among the support at 44.10 and the resistance at 47.00

The general trend for today is bearish