Crude oil shows mixed trades – Analysis - 20-07-2018

Crude oil price bounced downwards strongly yesterday after the rise that it witnessed in the last sessions, as the EMA50 managed to form strong resistance to protect the recently suggested bearish trend scenario, as the price moves below 68.06 level now, reinforcing the chances of continuing the bearish bias that its next main target located at 66.00.

Therefore, we will keep our bearish overview supported by stochastic negativity, taking into consideration that breaching 69.44 and holding above it will stop the expected decline and push the price to recover on the intraday and short term basis.

Expected trading range for today is between 66.00 support and 69.44 resistance.

Expected trend for today: Bearish