Crude oil surpasses the first target – Analysis - 16-08-2018

Crude oil price managed to break 65.00 level and ended yesterday’s trading below it, which supports the expectations of continuing the bearish trend efficiently on the intraday and short term basis, waiting to target 63.60 level as a next main station, noting that the price keeps moving inside the bearish channel that appears on the chart.

We should note that surpassing the waited target will push the price to head towards 61.60 as a next main target, while holding below 66.90 represents key condition to continue the expected decline.

Expected trading range for today is between 63.00 support and 66.00 resistance.

Expected trend for today: Bearish