Crude oil price within sideways track – Analysis - 23-09-2019

Crude oil price continues to fluctuate within sideways track around 58.50, finding good support formed by the EMA50, as it needs to surpass this barrier followed by breaking 57.42 to reinforce the expectations of continuing the bearish trend on the intraday and short term basis.

In general, we will continue to suggest the bearish bias unless breaching 59.00 and holding above it, as breaching this level will push the price to test 60.92 initially, while the main waited target of the suggested bearish wave is located at 54.60.

The expected trading range for today is between 56.50 support and 59.50 resistance.

The expected trend for today: Bearish