Crude Oil awaits activating the bearish pattern – Analysis - 27/10/2014
Economies.com
2014-10-27 05:15AM UTC
Crude oil price tested the bearish pennant flag’s support that appears in the above chart which is located at 80.50, waiting for breaking this level to activate the negative effect of the mentioned pattern which will push the price to resume the overall bearish trend, where the next main targets located at 77.00.
The EMA50 keeps pushing negatively on the intraday trading, while stochastic loses its bullish momentum gradually, and these factors support our bearish trend expectations, which remain valid unless breaching 82.20 level.
Expected trading range for today is between 79.00 support and 82.20 resistance.
Expected trend for today: Bearish
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