Crude Oil under the negative pressure – Analysis - 19/09/2014

Crude oil price bounced bearishly after touching 23.6% Fibonacci level and the bearish channel’s resistance that appears on chart, and the price completed a minor double top pattern by breaking 92.50 level, these factors make us suggest turning back to trade negatively in the upcoming period, targeting the psychological barrier at 90.00 mainly.

Therefore, the bearish trend will be expected unless the price managed to breach 94.00 level and hold above it, as this breach will open the way to recovery attempts that its main targets begin at 96.55 and extend to 98.65.

Expected trading range for today is between 90.00 support and 93.40 resistance.

Expected trend for today: Bearish