Crude oil surpasses the target – Analysis - 26-11-2018

Crude oil price approached the psychological barrier at 50$ per barrel and bounced bullishly to achieve some slight gains, as it heads towards a potential test to 51.46 that was broken previously and turns into key resistance now, as holding below it represents important factor to continue the correctional bearish trend.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions, noting that our next target is located at 49.10, while breaching 51.46 represents positive factor that will push the price to achieve more gains that target 54.74 next.

Expected trading range for today is between 49.10 support and 52.00 resistance.

Expected trend for today: Bearish