Crude oil within the negative pattern – Analysis - 10-12-2018

Crude oil price settles around 52.50 level after the bearish rebound from 54.00 areas, noticing that the price moves inside a minor bullish channel that we believe it forms bearish flag pattern, thus, the price needs to break 51.85 level to get a strong negative motive that supports the chances of resuming the main bearish trend that its next target located at 49.10.

Therefore, the overall bearish trend will remain suggested unless breaching 54.00 level and holding with a daily close above it, as this breach will lead the price to rally towards 57.46 initially before detecting its next destination clearly.

Expected trading range for today is between 50.00 support and 54.00 resistance.

Expected trend for today: Bearish