Crude Oil below the resistance – Analysis - 29/07/2015
Economies.com
2015-07-29 04:14AM UTC
Crude oil price retested 48.40 level yesterday and kept its stability below it, which keeps the expectations of the bearish trend valid and active, as the price continues to trade inside the bearish channel that appears on chart, which is supported by the EMA50, waiting to resume the bearish wave to head towards 44.00 level in the upcoming period.
Stochastic prepares to offer negative overlapping signal that supports the suggested decline, which its continuation requires holding below 48.40 and 48.90 levels.
Expected trading range for today is between 45.00 support and 48.90 resistance.
Expected trend for today: Bearish
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