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Crude oil price begins bearish correction – Analysis - 18-06-2021
Crude oil price faced additional negative pressure to break 71.25 level and starts bearish correction for the bullish wave that started from 61.54 areas, testing 23.6% Fibonacci correction level at 70.13 now, waiting to break this level to confirm extending the bearish wave towards 68.50.
Therefore, the bearish bias will be expected for the upcoming sessions, supported by moving below the EMA50, noting that failing to break 70.13 and bounced bullishly to breach 71.35 will stop the correctional bearish scenario and lead the price to return to the bullish track again.
The expected trading range for today is between 68.50 support and 71.50 resistance.
The expected trend for today: Bearish
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