Crude oil tests critical support – Analysis - 23-06-2017

Crude oil price found key solid horizontal support at 42.20 that appears on the above chart, to show some slight positive trading but it's still stable below 43.00 level, and the price falls under the pressure of the bearish trend line that pushes the price downwards from 52.00 areas.

Therefore, the bearish trend will remain active in the upcoming sessions unless breaching 44.10 level and holding above it, noting that breaking 42.20 might push the price to suffer more losses on the short term and medium term basis, to extend the negative targets towards 37.21 in case the price succeeded to break 40.66 level and hold below it.

Expected trading range for today is between 40.66 support and 44.10 resistance.

Expected trend for today: Bearish