Crude oil price completes negative pattern – Analysis - 18-01-2021

Crude oil price broke 52.30 level and settled below it, to complete forming double top pattern that we expect to push the price to break the main bullish channel’s support line and achieve bearish correction on the intraday and short term basis, to head towards achieving negative targets that start at 49.10.

Therefore, the bearish bias will be expected for today, noting that breaching 52.30 and holding above it will stop the negative effect of the mentioned pattern and push the price to resume the main bullish trend again.

The expected trading range for today is between 50.00 support and 53.00 resistance.

The expected trend for today: Bearish