Crude oil attempts to recover – Analysis - 28-11-2018

Crude oil price traded positively yesterday to close the daily candlestick above 51.46, but we notice that the recent trades are confined inside a minor bullish channel that appears on the chart, and we believe that it forms bearish flag pattern that supports the chances of continuing the main bearish trend, and th price needs to break 50.45 level to activate this pattern.

Therefore, we will keep our overall bearish overview unless breaching 52.60 and holding above it, reminding you that our negative targets begin at 50.00 and extend to 49.10.

Expected trading range for today is between 50.00 support and 53.50 resistance.

Expected trend for today: Bearish