Crude oil faces strong negative pressure – Analysis - 11-08-2017

Economies.com
2017-08-11 04:14AM UTC

Crude oil price ended yesterday's trading at the key support 48.37 after the strong decline that the price witnessed in the past sessions, starting today with more decline that hints the attempt to break the mentioned level, reminding you that confirming this break will push the price to test 46.80 areas before any new attempt to resume the main bullish trend.

 

On the other hand, stochastic shows oversold signals that might protect the price from suffering more losses, which makes us prefer staying aside temporarily in order to monitor the price behavior according to the key levels represented by 48.37 support and 49.10 resistance, noting that breaching this resistance will stop the negative pressure and lead the price to regain its main bullish track again.

 

Expected trading range for today is between 46.80 support and 50.50 resistance.

 

Expected trend for today: Depends on the above mentioned levels

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Technical Analysis

Commodities

Wheat price returns to the bullish correction – Forecast today - 29-03-2024
2024-03-29 01:50AM UTC
Wheat Price Analysis Expected Scenario: Continuing Bullish Momentum Wheat price rallied ...
Technical Analysis

Commodities

Sugar price completes the positive pattern – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Sugar Price Analysis Expected Scenario: Continuing Bullish Trend Sugar price managed to breach ...
Technical Analysis

Commodities

Soybean price keeps the positive stability – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Soybean Price Analysis Expected Scenario: Continuing Bullish Trend Soybean price attempted to ...