Crude oil suffers sharp losses – Analysis - 11-10-2018

Crude oil price keeps declining strongly, as it begins today with more bearish bias to attack 72.12 level, to move below it now, paving the way to extend the correctional bearish wave, waiting to visit 70.66 level as a next main station.

Therefore, the bearish trend will remain expected for today, noting that breaking the last level will extend the bearish wave to reach 69.19, while breaching 72.12 and holding above it will push the price to start recovery attempts that target 73.94 areas initially.

Expected trading range for today is between 70.00 support and 73.00 resistance.

Expected trend for today: Bearish