Crude oil price under the negative pressure – Analysis - 03-05-2019
Crude oil price confirmed breaking the bullish channel’s support line that appears on the chart to start bearish correction for the bullish wave measured from 42.36 to 66.58, noting that the price touched 23.6% Fibonacci correction level at 60.86, noticing that the price completed forming negative pattern that supports the chances of extending the correctional bearish wave on the short term basis, to extend the next target towards 57.33 after surpassing the previous level.
Therefore, the bearish trend will be suggested in the upcoming sessions unless the price managed to rally bullishly to breach 63.75 level and hold above it.
The expected trading range for today is between 59.70 support and 63.00 resistance.
The expected trend for today: Bearish
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