Crude oil price suffers sharp losses – Analysis - 12-09-2019

Crude oil price traded with strong negativity yesterday after the US president Trump hinted studying easing sanctions on Iran, which pushed the price to break 57.33 level and hold below it, to fall under expected negative pressure in the upcoming sessions, targeting testing 54.47 level as a next station.

Therefore, the bearish bias will be suggested in the upcoming sessions, noting that we recommend staying aside now until the price’s next destination settles after the new US decisions, as breaching 57.33 will stop the current negative pressure and lead the price to regain the main bullish track again.

The expected trading range for today is between 54.00 support and 58.00 resistance.

The expected trend for today: Bearish