Crude oil breaks the support – Analysis - 13-03-2018

Crude oil price confirmed breaking 61.40 level after closing the daily candlestic below it, which activates the bearish trend scenario on the intraday basis, targeting testing 60.14 level again, noting that breaking this level will extend Oil price losses to reach 58.60 as a next station.

Therefore, the bearish trend will be expected for today supported by the negative pressure formed by the EMA50, noting that breaching 61.40 will stop the suggested decline and lead the price to achieve gains on the intraday and short term basis.

Expected trading range for today is between 59.50 support and 62.65 resistance.

Expected trend for today: Bearish