Expected trading range for today is between 42.00 support and 47.00 resistance.

Crude oil price bounced clearly to the upside yesterday after it found solid support base at 43.37, to fluctuate around 45.60 level now, noticing that stochastic loses its positive momentum clearly and approach from offering negative overlapping signal on the four hours’ time frame, which forms negative signal that we are waiting to push the price to decline again.

 

Therefore, the above mentioned factors besides holding below 46.85 level encourage us to continue suggesting the bearish trend in the upcoming sessions, noting that breaking 43.37 level will offer the most important key to push the price towards our main target at 37.73.

 

Expected trading range for today is between 42.00 support and 47.00 resistance.

 

Expected trend for today: Bearish

Post Comment