Crude oil activates the negative pattern – Analysis - 11-12-2018

Crude oil price confirmed the activation of the bearish flag pattern mentioned yesterday after closing the daily candlestick below its support line, and it managed to break the key support 51.46, which supports the continuation of our bearish overview efficiently on the intraday and short term basis, and the way is open to visit 49.10 level that represents our next main target.

Therefore, we are waiting for more decline in the upcoming sessions supported by the negative pressure formed by the EMA50, unless the price managed to breach 52.25 and the most important 54.00 levels and hold above them.

Expected trading range for today is between 49.10 support and 52.25 resistance.

Expected trend for today: Bearish