Crude oil loses momentum – Analysis - 12-02-2019

Crude oil price tests the intraday bearish channel’s resistance that appears on the chart after succeeding to achieve our first target at 51.46 yesterday, accompanied by stochastic reach to the overbought areas now, noticing that the EMA50 forms negative pressure to protect the current resistance areas.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, waiting to break 51.46 level to confirm heading towards 50.00 as a next target, taking into consideration that the continuation of the bearish wave depends on the price stability below 53.50 and the most important below 54.40.

The expected trading range for today is between 50.00 support and 53.50 resistance.

The expected trend for today: Bearish