Crude oil under the negative pressure – Analysis - 06-09-2018

Crude oil price confirmed breaking 69.44 level, heading towards testing the key support 68.06, as it falls under negative pressure formed by the EMA50, while stochastic provides oversold signals that might assist to push the price to recover again.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, waiting to break 68.06 support or breaching 69.44 resistance, noting that breaking the mentioned support will push the price to continue the decline and achieve negative targets that start at 66.00, while breaching the resistance will lead the price to regain the bullish trend that targets 70.82 followed by 72.53 levels as next main stations.

Expected trading range for today is between 67.00 support and 70.00 resistance.

Expected trend for today: Depends on the above mentioned levels