Crude oil begins bearish correction – Analysis - 07-12-2017

Crude oil price confirmed breaking 56.75 level after closing the daily candletick below it, opening the way to achieve bearish correction for the bullish wave measured from 49.09 to 59.02, as the next target is located at 55.23, noting that breaking this level will push the price towards 54.06 direct.

On the other hand, we notice that the price completed forming double top pattern that puts the price under more negative pressure, thus, the bearish trend will be suggested in the upcoming sessions, unless we witnessed clear breach and hold above 56.75.

Expected trading range for today is between 54.06 support and 57.80 resistance.

Expected trend for today: Bearish