Crude oil price tests the resistance again – Analysis - 23-10-2019

Crude oil price made new test to 54.60 level and keeps its stability below it, as it begins to provide calm negative trades now to move away gradually from the mentioned level, noticing that stochastic shows negative overlapping signal now, to motivate the price to provide more negative trades in the upcoming sessions.

Therefore, our bearish overview will remain valid on the intraday and short term basis, which targets 51.80 level as a first main station, noting that breaching 54.60 will stop the expected decline and lead the price to achieve additional gains that reach 57.42.

The expected trading range for today is between 51.80 support and 55.00 resistance.

The expected trend for today: Bearish