Midday update for Crude Oil 27-06-2016
Economies.com
2016-06-27 09:58AM UTC
Crude oil price fluctuates within sideways and tight track around 47.50 level, and the price is affected by stochastic positivity to show some slight bullish bias now, while the EMA50 continues to form negative pressure against the intraday and short term trading.
Therefore, we will keep our bearish overview for today as long as the price is below 50.20, waiting to test 45.65 level initially, which represents 23.6% Fibonacci level for the rise measured from 26.21 to 51.65.
Expected trading range for today is between 45.65 support and 49.05 resistance.
Expected trend for today: Bearish
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