Crude oil suffers more losses – Analysis - 19-12-2018

Crude oil price continued the decline strongly to approach from our waited negative target at 45.46, which represents 61.8% Fibonacci correction level for the full rise that was measured from 26.04 to 76.88, which means that breaking it will extend the bearish wave on the medium term basis, and it will open the way towards targeting 40.00$ per barrel areas.

Until now, the bearish trend will remain the dominant in the upcoming period unless breaching 47.80, where breaching this level might push the price to test 50.50 then 51.46 levels before any new attempt to decline.

Expected trading range for today is between 45.00 support and 47.80 resistance.

Expected trend for today: Bearish