Midday update for Crude oil 14-08-2017
Economies.com
2017-08-14 10:12AM UTC
Crude oil price trades with slight negativity since morning heading to the bullish channel’s support that located now at 48.15, as we mentioned this morning, breaking this level will confirm the continuation of the decline to 46.80 that represents the next main target for the expected bearish wave.
Until now, we keep preferring the bearish trend supported by the negative pressure that comes from the EMA50 and the negative overlapping signal that comes from stochastic, taking into consideration that breaching 48.95 will stop the expected decline and leads the price to return to the main bullish trend.
Expected trading range for today is between 46.80 support and 50.00 resistance.
Expected trend for today: Bearish
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