Crude oil price tests the channel’s resistance – Analysis - 20-08-2019

Crude oil price provided more of the positive trading yesterday, to test the bearish channel’s resistance that appears in the image, which decelerate the price from achieving more of the gains, accompanied with the issuance of clear overbought signals that come from stochastic, which supports the chances for bouncing lower to resume the main bearish trend.

Therefore, the overall bearish trend will remain valid in the upcoming period unless the price rallied to breach 56.20 then 57.33 and holding above it, reminding you that the main waited targets begin at 54.47 and extend further towards 51.61 after breaking the previous level.

The expected trading range for today is between 54.47 support and 57.33 resistance.

The expected trend for today: Bearish