Crude oil price attempts to recover – Analysis - 18-10-2019

Crude oil price provided positive trades yesterday but it returns to move below 54.00$ barrier, noticing that stochastic loses its positive momentum to enter the overbought areas, which supports the chances of resuming the expected bearish trend on the intraday and short term basis, which targets testing 51.80 level initially.

Therefore, we will keep our bearish overview unless breaching 54.60 level and holding above it, as breaching this level will lead the price to achieve additional gains that reach 57.42 on the near term basis.

The expected trading range for today is between 51.80 support and 55.00 resistance.

The expected trend for today: Bearish