Expected trading range for today is between 37.00 support and 41.60 resistance.

Crude oil price succeeded to surpass 40.00 barrier to touch 39.00 level directly, finding good support base there that causes some sideways fluctuation, and the price might be forced to show some temporary rise before resuming the overall bearish trend, which is organized inside the bearish channel that appears on chart, which is supported by the EMA50.

 

Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaking 39.00 level will open the way to target this historical low recorded at 35.13 as a next main station, while the suggested decline will remain valid unless breaching 41.60 level and holding above it.

 

Expected trading range for today is between 37.00 support and 41.60 resistance.

 

Expected trend for today: Bearish

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