Crude Oil within a continuation pattern – Analysis - 24/10/2014
Economies.com
2014-10-24 04:56AM UTC
Crude oil price showed some bullish bias yesterday, noting that the recent trading is confined inside a bearish pennant pattern that appears on the image, and the price needs to break 80.50 level to activate the negative effect of this pattern.
Therefore, the bearish trend will remain suggested for the upcoming period, supported by the EMA50 and stochastic negativity, unless the price managed to breach 82.60 level and hold above it.
Expected trading range for today is between 79.00 support and 82.60 resistance.
Expected trend for today: Bearish
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