Crude oil price keeps its negative stability – Analysis - 13-07-2020

Crude oil price achieved good gains on last Friday’s evening to approach the key resistance 40.80, noticing that the price kept its stability below this level, to start today with bearish bias and begins to move away from it, as stochastic provides negative signals that motivate the price to provide more negative trades, to keep the bearish trend scenario valid and active for the upcoming period.

Our main waited targets begin at 37.50 and extend to 36.10, noting that breaching 40.80 will stop the expected decline and push the price to achieve additional gains that start at 43.05.

The expected trading range for today is between 38.00 support and 41.50 resistance.

The expected trend for today: Bearish