Crude oil price surpasses the first target – Analysis - 28-05-2020

Crude oil price provided more negative trades to surpass our first target at 32.00 and opens the way to head towards our main waited target at 28.80, and by taking a deeper look at the chart, we find that the price forms double top pattern that its confirmation line located at 30.67, which means that breaking this level will threat 28.80 level and press on the price for more bearish correction in the upcoming period.

Therefore, our bearish overview will remain valid for today, noting that breaking 28.80 will extend the bearish wave to reach 25.23 as a next main station, while the expected decline will remain valid conditioned by the price stability below 32.50.

The expected trading range for today is between 28.80 support and 33.00 resistance.

The expected trend for today: Bearish