Crude oil price confirmed breaking the minor bearish channel’s support line after closing the daily candlestick below it, which reinforce our expectations of continuing the bearish trend on the short term basis, opening the way to visit 41.87 level as a next main station, which represents 38.2% Fibonacci level for the entire bullish wave measured from 26.04 to 51.65.
We remind you that it is important to monitor the price behavior when reaching the targeted level, as breaking it represents the key to extend the correctional bearish wave to target 38.84 areas direct, while holding against the negative pressure represents positive factor that will lead trading for recovery attempts and regaining the main bullish trend, to begin the positive targets at 45.61 and extend to 51.65.
Expected trading range for today is between 41.00 support and 44.80 resistance.
Expected trend for today: Bearish
Origin: Economies
