Crude oil price confirms the break – Analysis - 13-06-2019

Crude oil price confirmed breaking 51.61 level after closing the daily candlestick below it, which supports the continuation of the bearish trend scenario efficiently on the intraday and short term basis, organized inside the bearish channel that appears on the chart, supported by the negative pressure formed by the EMA50, waiting to target 48.08 level mainly.

Note that holding below 51.61 is considered as the first condition to continue the suggested bearish bias, as breaching it will push the price to achieve intraday gains that start at 52.95 and might extend to 54.47 before any new attempt to decline.

The expected trading range for today is between 49.00 support and 52.30 resistance.

The expected trend for today: Bearish