Crude oil price completes negative pattern – Analysis - 10-04-2020

Crude oil price fell under strong negative pressure yesterday, to attack 24.50 level and break it to close the daily candlestick below it, which stops the intraday bullish wave that dominated the recent trades and leads the price to resume the main bearish trend.

By taking a deeper look at the chart, we find that the price completed forming double top pattern that its signs appear on the chart, which has negative targets that reach the recently recorded low at 19.24.

Therefore, these factors encourage us to suggest the bearish trend in the upcoming sessions, taking into consideration that breaching 24.50 followed by 25.60 levels will stop the expected decline and lead the price to recover again.

The expected trading range for today is between 23.00 support and 24.50 resistance.

The expected trend for today: Bearish