Crude oil price suffers sharp losses – Analysis - 08-04-2020

Crude oil price faced strong negative pressure yesterday, as it broke 25.60 level and rallied to reach 61.8% Fibonacci correction level at 23.42, noticing that the price bounced bullishly from this level to settle above 50% Fibonacci level, which hints the price head to resume the bullish trend and stop the bearish correction at the mentioned level.

Therefore, we expect witnessing positive trades in the upcoming sessions, and the targets begin by breaching 25.60 to open the way to head towards 26.94 as a next positive station, noting that breaking 24.50 followed by 23.42 levels will stop the expected rise and press on the price to return to the main bearish track again.

The expected trading range for today is between 23.60 support and 27.00 resistance.

The expected trend for today: Bullish