Crude oil price faces more negative pressure – Analysis - 22-09-2020

Crude oil price bounced bullishly after touching our waited target at 39.16, and attempted to breach 39.70 level, but it couldn’t hold for long time above it, to start today with new bearish bias that hints that the price will face more negative pressure in the upcoming sessions, noting that the expected targets begin by surpassing 39.15 to open the way to head towards 38.60 followed by 37.90 levels as next main stations.

Therefore, the bearish bias will remain suggested on the intraday basis, supported by the negative pressure formed by the EMA50, taking into consideration that the expected decline will remain valid unless the price rallied to breach 40.36 level and hold above it.

The expected trading range for today is between 38.00 support and 40.50 resistance.

The expected trend for today: Bearish