Crude oil breaks the support – Analysis - 18-07-2018

Crude oil price managed to close the daily candlestick below 68.06 level, which supports the continuation of our bearish overview efficiently in the upcoming sessions, opening the way to head towards 65.90 that represents our next main station.

The EMA50 presses negatively on the price, while stochastic begins to provide negative overlapping signal on the four hours’ time frame, to form factors that agree the expectations to decline, noting that the continuation of the expected bearish bias depends on holding below 68.06 and the most important below 69.44.

Expected trading range for today is between 65.90 support and 69.44 resistance.

Expected trend for today: Bearish