Crude oil under the negative pressure – Analysis - 30-10-2018

Crude oil price settled below 67.40 level again, noticing that the recent trades are confined inside a minor bullish channel that we believe that it forms bearish flag pattern, which means that breaking 66.55 will activate the negative effect of this pattern and push the price to resume the main bearish trend.

Therefore, the bearish bias will be suggested in the upcoming sessions unless breaching 67.40 level and holding above it, noting that our expected targets begin at 66.00 and extend to 64.43.

Expected trading range for today is between 65.00 support and 68.00 resistance.

Expected trend for today: Bearish