Crude oil price below the broken support – Analysis
Crude oil price settles below the previously broken bullish channel’s support, and making attempts to break the critical support at 51.70, waiting for aconfirmed break to open the way towards 49.70 as a next negative target.
Therefore, we will keep our bearish trend expectations, supported by the negative pressure that comes from the EMA50, taking into consideration that the continuation of the bearish wave depends on the stability below 53.05 level.
The expected trading range for today is between 51.70 support and 53.50 resistance.
The expected trend for today: Bearish