Crude oil price hovers around the bearish trend line that appears on the chart and fluctuates around the EMA50, and when shifting to the new future contracts’ prices, we find that the price moves around 21.30 level, waiting to get negative motive that supports the chances of resuming the main bearish trend that targets 20.00 followed by 19.00 levels as next main stations.
On the other hand, we should note that breaching 21.70 will stop the negative scenario and push the price to recover on the intraday and short term basis.
The expected trading range for today is between 20.00 support and 24.50 resistance.
The expected trend for today: Bearish