Crude oil price gets a negative signal – Analysis - 19-01-2021

Crude oil price retests the broken neckline of the double top pattern and keeps its stability below it until now, noticing that stochastic provides negative overlapping signal now, waiting to motivate the price to resume the expected bearish trend for the upcoming period, as we suggest breaking the bullish channel’s support line and open the way to achieve more bearish correction on the intraday and short term basis.

Therefore, the bearish trend will remain expected, noting that breaking 51.33 will confirm extending the bearish wave to reach 49.10, while the expected decline will remain valid unless breaching 52.30 and holding above it.

The expected trading range for today is between 50.50 support and 53.50 resistance.

The expected trend for today: Bearish