Crude oil retests – Analysis - 08-12-2017

Crude oil price settles at the retest level of the previously broken neckline of the double top pattern at 56.75, to keep this pattern's effect active until now, waiting to visit 55.23 level as a next main target, reminding you that breaking this level will push the price towards the next correctional level at 54.06.

In general, we will continue to suggest the bearish trend in the upcoming sessions unless the price managed to breach 56.75 level and hold above it, as this breach will lead the price to regain the main bullish trend that its main targets begin at 59.00.

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

Expected trend for today: Bearish