Crude oil price finds solid support – Analysis - 19-08-2019

Crude oil price shows slight bullish bias to move above 55.00$ barrier, as it found difficulty to break 54.47 support line, but as long as the price is below 55.95, the chances will remain valid to resume the bearish trend, waiting to break the mentioned support to confirm opening the way to head towards 51.61 that represents our next main target.

On the other hand, we should note that breaching 55.95 will push the price to achieve more intraday gains and test 57.33 level 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