Crude oil begins bearish correction – Analysis - 08-10-2018

Crude oil price traded with clear negativity to break the support lines that appear on the chart –the bullish trend line and the main bullish channel’s support-, which pushes the price to start bearish correction for the last bullish wave from 64.43 to 76.88, opening the way to head towards 72.12 that represents 38.2% Fibonacci correction.

Therefore, the bearish bias will be suggested for today unless the price managed to breach 74.35 level and hold above it, as breaching this level will stop the current negative pressure and push the price back to its main bullish track again.

Expected trading range for today is between 72.10 support and 75.00 resistance.

Expected trend for today: Bearish