Crude oil price settles below the minor bearish channel’s support, to keep the negative pressure valid on the intraday basis, as the price approaches from our main waited target at 41.87, which represents 38.2% Fibonacci correction level for the rise measured from 26.04 to 51.65.
Therefore, the bearish bias will remain suggested for today, being aware 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 reach 38.84 direct, while the price needs to breach 43.30 followed by 45.61 levels to regain the main bullish trend and stop the current negative pressure.
Expected trading range for today is between 41.00 support and 43.00 resistance.
Expected trend for today: Bearish
Origin: Economies
