Crude oil approaches the target – Analysis - 08-02-2019
Economies.com
2019-02-08 05:07AM UTC
Crude oil price suffered sharp losses yesterday and settles around 52.00 barrier now, and the negative effect of the rising wedge still active, supported by moving below the EMA50, waiting to resume the bearish trend that its targets begin at 51.46, reminding you that breaking this level will push the price towards 50.00 direct.
Therefore, the bearish trend will remain dominant in the upcoming sessions unless breaching 54.40 level and holding above it.
The expected trading range for today is between 50.00 support and 54.00 resistance.
The expected trend for today: Bearish
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