Crude oil resumes the decline – Analysis - 20-08-2018

Crude oil price bounced downwards clearly after attempting to surpass 66.00$ barrier in the previous sessions, to settle around 65.00 level again, attempting to break it by today’s opening, which supports the continuation of the expected bearish trend scenario on the intraday and short term basis, organized inside the bearish channel that appears on the chart.

Therefore, we are waiting for more decline in the upcoming sessions, noting that the expected targets begin at 63.60 and extend to go further towards 61.25 after breaking the previous level, noting that holding below 66.25 is important to continue the expected decline.

Expected trading range for today is between 63.00 support and 66.50 resistance.

Expected trend for today: Bearish