Crude oil begins negatively – Analysis - 16-04-2018

Crude oil price opens today’s trading with clear bearish bias to test the first key support at 66.70, noticing that stochastic gets rid of its negative momentum to approach the oversold areas, to provide positive motive that we are waiting to assist to push the price to rise again, especially that the EMA50 provides continuous positive support to the price.

Therefore, we will continue to suggest the overall bullish trend conditioned by the price stability above 66.30, as breaking this level will push the price to start bearish correction on the intraday basis before turning back to rise again, noting that our next main target is located at 70.00.

Expected trading range for today is between 65.45 support and 69.00 resistance.

Expected trend for today: Bullish