Crude oil hits the first target – Analysis - 12-10-2018

Crude oil price succeeded to touch our first waited target at 70.66 and rebounds bullishly from there, affected by stochastic positivity, and it might test 72.12 that turns into resistance after breaking it previously before resuming the correctional bearish trend.

On the other hand, the price is affected by the double top pattern that its signs appear on the chart, which supports the chances of continuing the bearish trend in the upcoming sessions, reminding you that the next target is located at 69.19, while breaching 72.12 represents the first key to the price return to the main bullish track again.

Expected trading range for today is between 69.19 support and 72.50 resistance.

Expected trend for today: Bearish