Crude oil price attempts to recover – Analysis - 22-07-2019

Crude oil price shows positive trading to move above the intraday bearish channel’s resistance, but it’s still below 56.40 level, which keeps the negative scenario valid until now, supported by stochastic loss to the positive momentum and reaching the overbought areas, waiting to visit 54.47 level initially.

Note that breaking the mentioned level will push the price to 53.00 as a next main station, while breaching 56.40 will lead the price to test the key resistance 57.33 before any new attempt to decline.

The expected trading range for today is between 54.47 support and 57.33 resistance.

The expected trend for today: Bearish