Crude oil price faces negative pressure – Analysis - 19-11-2019

Crude oil price settled below 57.40 level affected by the doubts to reach an agreement between USA and China, as the price fluctuates around the EMA50, which makes us prefer staying aside until the next destination becomes clearer, noting that we need to break 55.90 support or breaching 57.40 resistance to confirm the next trend.

Note that breaking the mentioned support will press on the price to achieve more decline and visit 54.60 level as a first negative target, while breaching the resistance will lead the price to resume trading inside the bullish channel that has targets that start at 59.25 and extend to 60.90.

The expected trading range for today is between 55.50 support and 58.50 resistance.

The expected trend for today: Neutral