Crude oil price is testing the intraday bearish channel's resistance line now and keeps its stability below it, accompanied by stochastic approach from the overbought areas, as it loses its positive momentum clearly on the intraday time frames, while the EMA50 forms continuous negative pressure against the price.
Therefore, these factors support the continuation of the overall bearish trend scenario, which targets 45.40 followed by 44.10 levels mainly, noting that breaching 47.10 will push the price to test the most important resistance to the short term trading at 48.37 before any new attempt to decline.
Expected trading range for today is between 45.00 support and 48.37 resistance.
Expected trend for today: Bearish