Crude oil price suffers more losses – Analysis - 02-11-2020

Crude oil price opened today’s trading with strong decline to succeed achieving our waited target at 34.30, noticing that the price attacked this level and approached 33.00 barrier, to hint heading to achieve more decline, noting that the negative negative target reaches 32.30.

Therefore, the bearish trend will remain valid and active for the upcoming sessions supported by the negative pressure formed by the EMA50, noting that the continuation of the bearish wave requires holding below 34.95 and the most important below 36.10.

The expected trading range for today is between 32.30 support and 35.60 resistance.

The expected trend for today: Bearish