Crude oil price resumes the decline – Analysis - 14-07-2020

Crude oil price bounced downwards clearly after approaching the key resistance 40.80 yesterday, to approach 39.00 barrier now, which supports the continuation of the expected bearish trend scenario on the intraday basis, which targets 37.50 followed by 36.10 levels as next main stations.

Note that breaking 38.50 will ease the mission of achieving the mentioned targets, while breaching 40.80 represents positive factor that will stop the expected decline and leads the price to regain the main bullish trend.

The expected trading range for today is between 37.00 support and 40.80 resistance.

The expected trend for today: Bearish