Crude oil price couldn’t manage to confirm breaching 119.35 level, to rebound downwards strongly and break the bullish channel’s support line that appears on the chart and settles below it, which puts the price under expected negative pressure in the upcoming sessions, on its way to visit 113.70 mainly.
Therefore, the bearish bias will be expected for today, noting that breaching 117.10 will lead the price to attempt to recover and regain the main bullish trend again.
The expected trading range for today is between 113.70 support and 118.00 resistance.
The expected trend for today: Bearish