Midday update for Crude Oil 06/05/2016

Economies.com
2016-05-06 11:25AM UTC

Crude oil price tests the bullish channel’s support level that appears in the chart, while the price remains confined between the confirmation levels that represented by 43.20 support and 45.50 resistance, which makes us remain neutral until breaching one of the mentioned levels then detecting the next targets clearly.

 

The contradiction between stochastic positivity and the EMA50 negativity remains valid; to recognize the details of the above-mentioned levels and the expected targets from breaching it, please review our morning report.

 

Expected trading range for today is between 41.00 support and 47.00 resistance.

 

Expected trend for today: Depends on the above mentioned levels

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