Crude oil price hits the first target – Analysis - 26-10-2020

Crude oil price succeeded to achieve our first waited negative target at 39.30 and broke it to settle below it now, which reinforce the expectations of achieving more decline on the intraday and short term basis, and the way is open to head towards our next target at 38.10, noting that surpassing this level will extend the bearish wave to reach 36.10.

Therefore, we will continue to suggest the bearish trend for the upcoming period, taking into consideration that breaching 40.50 will stop the expected decline and push the price to start new recovery attempts and regain the main bullish trend again.

The expected trading range for today is between 37.50 support and 40.50 resistance.

The expected trend for today: Bearish