Crude oil price attempts to recover – Analysis - 24-01-2020

Crude oil price shows bullish bias after reaching our main waited target at 54.60 yesterday, as it shows some bullish correction for the last bearish wave, noticing that stochastic lost its positive momentum, which supports the chances of resuming the bearish bias in the upcoming sessions, waiting to surpass 54.60 to confirm extending the bearish wave towards 51.80.

Therefore, the negative scenario will remain suggested for the upcoming period, noting that breaching 55.90 will stop the expected decline and lead the price to achieve more gains that reach 57.40 before any new attempt to decline.

The expected trading range for today is between 54.00 support and 57.00 resistance.

The expected trend for today: Bearish