Crude oil resumes the decline – Analysis - 06-12-2018

Crude oil price bounced bearishly after the positive attempts that it witnessed yesterday, to approach the key support 51.46, noting that breaking this level will reinforce the expectations of continuing the bearish trend on the intraday and short term basis, which its next main target located at 49.10.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions conditioned by the price stability below 54.40, noting that stochastic provides negative overlapping signal to motivate the price to achieve more decline.

Expected trading range for today is between 50.00 support and 53.50 resistance.

Expected trend for today: Bearish