Crude oil wipes some losses – Analysis - 27-12-2018

Crude oil price achieved clear gains yesterday and surpassed 45.46 to test 47.00$ barrier, noticing that the price faced solid resistance formed by the EMA50 to force the price to rebound bearishly, accompanied by witnessing negative overlapping signal through stochastic now.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and breaking 45.46 will press the price to head towards 40.00 areas on the near term basis, taking into consideration that breaching 47.25 will stop the expected decline and push the price to achieve more gains on the short term basis.

Expected trading range for today is between 44.00 support and 47.25 resistance.

Expected trend for today: Bearish