Crude oil price bounced sharply to the downside after testing the bearish channel’s resistance that appears on chart, to break 41.00$ per barrel barrier and approach from our first main waited target at 40.00, to keep the bearish trend scenario valid efficiently for the upcoming period, noting that the next target is located at 39.00.In general, the negative scenario will remain valid and active supported by the EMA50 unless breaching 42.70 followed by 44.00 levels and holding above them. Expected trading range for today is between 39.00 support and 42.70 resistance. Expected trend for today: Bearish

Crude oil price bounced sharply to the downside after testing the bearish channel’s resistance that appears on chart, to break 41.00$ per barrel barrier and approach from our first main waited target at 40.00, to keep the bearish trend scenario valid efficiently for the upcoming period, noting that the next target is located at 39.00.In general, the negative scenario will remain valid and active supported by the EMA50 unless breaching 42.70 followed by 44.00 levels and holding above them.

Expected trading range for today is between 39.00 support and 42.70 resistance.

Expected trend for today: Bearish

Share This Post

Post Comment