Crude oil price finds solid support – Analysis - 15-08-2019

Crude oil price attempted to break 54.47 level yesterday but it finds solid support there, to show some slight bullish bias affected by stochastic positivity, but we notice that the price moves within bearish channel that organizes the correctional bearish wave, which supports the chances of breaking the mentioned level followed by opening the way to extend the bearish wave to reach 51.61 that represents the next correctional target.

Therefore, the bearish trend will remain suggested for the upcoming sessions, noting that failing to achieve the required break might push the price to visit 57.33 level again before any new attempt to decline.

The expected trading range for today is between 53.50 support and 56.50 resistance.

The expected trend for today: Bearish