Crude oil begins bearish correction – Analysis - 17-01-2018

Crude oil price begins today's trading with bearish bias to move below the bullish channel's support, which hints the price head to start intraday bearish correction that targets testing 62.80 level as a first station.

Therefore, the bearish bias will be suggested in the upcoming sessions, noting that the expected decline is temporary, waiting to rebound bullishly to resume the main bullish trend again.

We should note that breaking 62.80 level will extend the bearish wave to target 61.50 direct, while breaching 64.70 represents the key to stop the current negative pressure and return to the main bullish trend again.

Expected trading range for today is between 62.50 support and 64.70 resistance.

Expected trend for today: Bearish temporarily