Crude oil price hits the first target – Analysis - 13-09-2019

Crude oil price settles at 50% Fibonacci correction level at 54.60, and the price faces negative pressure that makes us suggest breaking the mentioned level and extend the bearish wave on the short term basis, noting that confirming breaking 54.60 followed by 53.90 levels will push the price to 51.80 as a next main station.

Therefore, the bearish trend will remain dominant in the upcoming sessions unless the price rallied to breach 57.40 level and holding above it.

The expected trading range for today is between 53.00 support and 56.00 resistance.

The expected trend for today: Bearish