Crude oil price breaks the support – Analysis - 25-03-2019

Crude oil price settled below the bullish channel’s support line that appears on the chart after the negative pressure that it witnessed on last Friday, which pushes the price to achieve expected decline in the upcoming sessions, waiting to test 57.46 level mainly.

Note that the expected decline is temporary, waiting to rebound bullishly to resume the main bullish trend after touching the mentioned level, taking into consideration that breaking 57.46 will extend oil price losses to reach 54.50 as a next main station, while breaching 59.40 will stop the expected decline and push the price to return to the bullish channel again.

The expected trading range for today is between 57.00 support and 60.00 resistance.

The expected trend for today: Bearish temporarily