Crude oil keeps its negative stability – Analysis - 22-02-2018

Crude oil price managed to close yesterday’s trading below 61.40 level after the positive attempts that it witnessed in the previous sessions, which keeps the bearish trend scenario active until now, supported by the negative pressure formed by the EMA50, besides the negative overlapping signal provided now by stochastic.

Therefore, we are waiting for more decline today, reminding you that the waited targets begin at 60.14 and extend to 58.60 after breaking the previous level, while breaching 61.40 and holding above it represents positive key that will push the price to start recovery attempts and regain the main bullish trend again.

Expected trading range for today is between 59.50 support and 62.00 resistance.

Expected trend for today: Bearish