Crude oil price resumed its negative trading clearly on yesterday’s evening to approach our first main waited target at 51.60, which represents 61.8% Fibonacci correction level for the entire rise measured from 42.36 to 66.58, thus, breaking this level will extend oil price losses to reach 48.08 as a next main station.
Therefore, we suggest the continuation of the bearish bias in the upcoming sessions supported by the negative pressure formed by the EMA50, organized inside the correctional bearish channel that appears on the chart, reminding you that holding below 54.47 represents key condition to continue the suggested decline.
The expected trading range for today is between 51.00 support and 53.50 resistance.
The expected trend for today: Bearish