Crude oil price completes negative pattern – Analysis - 18-02-2020
Crude oil price broke the intraday bullish channel’s support line that appears on the chart, which we believe that it forms bearish flag patern that supports the chances of turning back to resume the main bearish trend, and the price needs to break 51.80 to confirm the continuation of the decline in the upcoming sessions.
Stochastic provides negative signals now, thus, these factors encourage us to suggest the bearish bias today, noting that our first negative target is located at 50.00, taking into consideration that fialing to break 51.80 will stop the negative possibility and leads the price to achieve additional gains on the intraday basis.
The expected trading range for today is between 50.00 support and 53.00 resistance.
The expected trend for today: Bearish
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