Crude oil under the negative pressure – Analysis - 26-02-2019
Crude oil price keeps declining after confirming breaking 56.05 level yesterday, on its way to test the key support areas located between 54.50 and 54.00.
Therefore, the bearish bias will be suggested for today, noting that this decline is temporary, waiting to rebound bullishly to resume the main bullish trend again, taking into consideration that breaking the above mentioned support will put the price under more negative pressure and turns the intraday track to decline, to head towards 51.46 as a next negative station.
On the other hand, breaching 56.05 level and holding above it again will stop the current negative pressure and push the price back to the bullish track.
The expected trading range for today is between 54.00 support and 56.50 resistance.
The expected trend for today: Bearish temporarily
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