Crude oil is down, affected by a negative pattern – Analysis - 12-07-2018

Crude oil price suffered strong losses on yesterday, as it completed forming a double top pattern that its signs appear on the chart, to start bearish correction for the last bullish wave, noticing that the price broke 38.2% Fibonacci correction level at 70.82 to pave the way to target 69.44 followed by 68.06 levels that represent the next correctional stations.

Therefore, theb bearish bias will be suggested for today unless the price managed to breach 70.82 followed by 72.53 levels and hold above them.

Expected trading range for today is between 69.44 support and 72.00 resistance.

Expected trend for today: Bearish