Crude oil price achieves clear gains – Analysis - 21-11-2019

Crude oil price soared yesterday affected by the US inventory data besides the Russian statements to cooperate with OPEC to keep oil prices’ balance, which pushes the price to test 57.40 level, noticing that the rise stopped below this level to started declining now, accompanied by stochastic entering the overbought areas and the beginning of witnessing negative overlapping signal on the four hours’ time frame.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and the first target is represented by testing 54.60 level again, noting that breaching 57.40 and holding above it will lead the price to achieve additional gains that extend to reach 60.90.

The expected trading range for today is between 55.00 support and 58.00 resistance.

The expected trend for today: Bearish