Crude oil attempts to recover – Analysis - 14-08-2018

Crude oil price settles around 67.50 level after the rise that it witnessed on yesterday’s evening, and the EMA50 forms continuous negative pressure against the price, to keep the price stable inside the bearish channel that carries the price from 75.34 areas.

Therefore, we believe that the chances are valid to rebound bearishly and resume the expected bearish trend on the intraday and short term basis, which targets 65.00 followed by 63.60 levels as next main stations, noting that breaching 68.06 will stop the expected decline and push the price to start recovery attempts and regain the main bullish trend again.

Expected trading range for today is between 65.50 support and 69.00 resistance.

Expected trend for today: Bearish