Crude oil suffers sharp losses – Analysis - 09-08-2018

Crude oil price ended yesterday’s trading below the main bullish channel’s support line and below 67.10, to confirm the activation of the bearish trend on the intraday and short term basis, paving the way to achieve negative targets that start at 65.00 and extend to 63.60.

Therefore, the bearish bias will be suggested in the upcoming sessions unless breaching 68.06 level and holding above it, noting that moving below the EMA50 supports the expected decline.

To review the reasons of the strong decline that oil price faces, please read this article.

Expected trading range for today is between 65.00 support and 68.40 resistance.

Expected trend for today: Bearish