Crude oil within a bearish pattern – Analysis - 20-12-2018

Crude oil price trading is confined within a minor bullish channel that we believe it forms a bearish flag pattern, therefore, the price needs to break 46.75 to get a negative motive that supports the expectations for the continuation of the main bearish trend, and its next target is located at 45.46.

The EMA50 keeps pushing negatively, while stochastic provides a negative overlapping signal now, therefore, these factors encourage us to keep preferring the bearish trend in the upcoming sessions, pointing that breaching 48.34 will stop the expected decline and leads the price to test 51.46 levels before any new attempt to decline.

Expected trading range for today is between 45.00 support and 48.34 resistance.

Expected trend for today: Bearish