Crude oil hits the first target – Analysis - 19-01-2018

Crude oil price opens today's trading with clear negativity to manage to touch our first waited target at 62.80, which represents 23.6% Fibonacci correction level for the rise measured from 56.08 to 64.87, noticing that the price moves below the EMA50 to fall under more potential negative pressure in the upcoming sessions.

Therefore, we suggest the continuation of the bearish bias for today, and breaking 62.80 will push the price towards 61.51 direct, noting that breaching 63.60 forms the first positive key to return to the main bullish trend again, as breaching it will push the price to test the previously recorded top at 64.87 followed by attempting to resume the short term bullish trend.

Expected trading range for today is between 61.51 support and 64.50 resistance.

Expected trend for today: Bearish