Crude oil price attempts to break – Analysis - 16-08-2019

Crude oil price attempted to break 54.47 level but it couldn’t settle for long time below it, to show some bullish bias and move around 55.00 level, noticing that stochastic loses its positive momentum gradually, while the EMA50 forms negative pressure against the price.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, noting that breaking 54.47 will confirm opening the way to head towards 51.61 as a next main station, while breaching 55.95 represents the key to extend the intraday gains to reach 57.33 before any new attempt to decline.

The expected trading range for today is between 53.50 support and 56.50 resistance.

The expected trend for today: Bearish