Crude oil price presses on the support – Analysis - 16-04-2019

Crude oil price finds a difficulty to move away from 63.30 level, to begin today with a new bearish bias and moves below the mentioned level, which puts the price under a potential negative pressure in the upcoming sessions, where the price complete forming a double top pattern now that we believe it will push the price to visit 61.25 before it return to resume the main bullish trend.

Therefore, the bearish bias will remain preferred for today unless breaching 63.75 and holding above it, where this breach will cancel the above mentioned negative formation and leads the price to regain its bullish track that its initial target located at 64.90.

The expected trading range for today is between 61.25 support and 64.50 resistance.

The expected trend for today: Bearish