Crude oil suffers sharp losses – Analysis - 18-06-2018

Crude oil price continued its sharp decline to touch our waited negative target at 63.78 and settles there, confirming the activation of the bearish trend scenario on the intraday and short term basis, noting that the mentioned level represens 61.8% Fibonacci correction level for the rise from 58.20 to 72.80, which means that breaking this level will extend oil price losses to reach 61.64 as a next station.

The EMA50 forms negative pressure to support the chances of continuing the bearish bias in the upcoming period, making the bearish trend suggested for today, noting that breaching 64.42 will push the price to test 65.50 before any new attempt to decline.

Expected trading range for today is between 62.00 support and 65.00 resistance.

Expected trend for today: Bearish