Crude oil price begins with big bullish gap – Analysis - 16-09-2019
Crude oil price opened today’s trading with a big bullish gap that put the price above 62.00$ barrier, affected by Aramco assaults and the Saudi oil production collaps to 50%, but we notice that the price is trading with a clear negativity since the opening as a signal for the price head to the natural bearish track, in its way to test 57.42 level initially, pointing that breaking this level will confirm the continuation of the decline towards 54.60 as a next negative station.
Therefore, we prefer witnessing more of the downside moves in the upcoming sessions unless breaching 60.92 level and holding with a daily close above it.
The expected trading range for today is between 57.40 support and 60.90 resistance.
The expected trend for today: Bearish
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