Crude oil price’s recent trades are confined within symmetrical triangle’s pattern that appears on the chart, thus, the price needs to break 50.80 level to get strong negative motive that supports the expectations of continuing the bearish trend on the intraday and short term basis, which its next target located at 49.10.
Therefore, we will continue to suggest the bearish trend that gets continuous support by the EMA50, unless breaching 52.90 level and holding above it.
Expected trading range for today is between 49.10 support and 52.50 resistance.
Expected trend for today: Bearish