Crude oil price opened today’s trading with strong decline affected by the increased spread of Corona virus, to fall under the key support 52.30, which stops the recently suggested correctional bullish scenario and leads the price to resume the main bearish track again.
Therefore, the bearish bias will be suggested for the upcoming period, supported by moving below the EMA50, noting that our next target is represented by testing 49.40, while breaching 53.20 represents the key to return to the bullish correction to achieve positive targets that reach 55.53.
The expected trading range for today is between 50.00 support and 53.20 resistance.
The expected trend for today: Bearish