Crude oil price returns to test the resistance – Analysis - 12-11-2019

Crude oil price shows sideways trades recently, moving near 57.40 level now, as it keeps its stability below this level, to keep the bearish trend scenario valid on the intraday and short term basis, waiting to head towards 56.00 followed by 54.60 levels as main targets.

Holding below 57.40 is important to continue the expected decline, as breaching it will motivate the price to achieve new gains that extend to 60.90 on the near term basis.

The expected trading range for today is between 55.00 support and 58.00 resistance.

The expected trend for today: Bearish