On the daily chart, we can see that crude oil now is still moving in a bullish bias but there will be a correction during the Mercury Retrograde Motion which will start tomorrow on July 26-27, 2018 until August 8-9, 2018. The oil price tends to trade sideways under choppy market conditions. It seems the price is going down to enter the 61.90-66.64 area. The price is expected to make the bottom approximately on the 10th trading day since the Mercury Retrograde Motion finishes approximately on August 8-10, 2018. Afterwards, the price will resume the upward trend again because the overall bias of crude oil is still bullish unless the price breaks out and closes below the 58.07 level.
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