Crude oil price bounced downwards clearly after approaching the bearish channel’s resistance, which supports the continuation of our bearish overview efficiently on the intraday and short term basis, which targets 62.00 as a next station, noting that breaking this level will extend the bearish wave to reach 60.00 on the near term basis.
The EMA50 keeps supporting the suggested bearish wave, which its continuation conditions holding below 64.43.
Expected trading range for today is between 61.00 support and 64.00 resistance.
Expected trend for today: Bearish