Crude oil presses on the support – Analysis - 07-12-2018

Crude oil price settles around 51.46 level, and it showed many attempts to break the minor bullish channel’s support line that appears on the chart, which we believe it forms bearish flag pattern that supports the expectations of continuing the overall bearish trend, which its next target located at 49.10.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions supported by the negative pressure formed by the EMA50, noting that surpassing the mentioned target will push the price towards 46.00 areas on the near term basis, while holding below 52.50 represents the first condition to continue the expected decline.

Expected trading range for today is between 49.00 support and 52.50 resistance.

Expected trend for today: Bearish