Crude oil price approaches the main target – Analysis - 19-07-2019

Crude oil price shows positive trading since yesterday, after approaching the second waited target at 54.47, noticing that the price moves within intraday bearish channel that appears on the chart, which supports the chances of bouncing bearishly to resume the main bearish trend, waiting to test the mentioned level initially.

Therefore, we will keep our bearish overview unless breaching 56.40 and the most important 57.33 levels and holding above them, noting that breaking 54.47 will press on the price to suffer more losses that reach 53.00 on the near term basis.

The expected trading range for today is between 54.47 support and 57.33 resistance.

The expected trend for today: Bearish