Crude oil price threats the channel’s support – Analysis - 30-11-2020

Crude oil price shows negative trades by today’s open to reach the bullish channel’s support line that appears on the chart, noticing that the price draws negative formation that its confirmation line located at 44.70, which means that breaking this level will push the price out of the bullish channel and press to start correctional bearish wave that targets visiting 43.25 areas initially.

Therefore, we expect the domination of the bearish trend on the upcoming trades, taking into consideration that breaching 45.60 is considered as the key to stop the suggested negative pressure and the return to resume the main bullish track again.

The expected trading range for today is between 43.25 support and 45.85 resistance.

The expected trend for today: Bearish