Crude oil breaks the support – Analysis - 04-03-2019
Economies.com
2019-03-04 05:30AM UTC
Crude oil price settled below the intraday bullish channel’s support line that appears on the chart, which puts the price under expected negative pressure on the intraday basis, targeting testing 55.05 followed by 54.50 levels before attempting to return to rise again.
Therefore, the bearish bias will be suggested for today, supported by moving below the EMA50, taking into consideration that breaching 56.60 followed by 57.46 levels will stop the expected decline and push the price back to the main bullish track again.
The expected trading range for today is between 54.50 support and 57.46 resistance.
The expected trend for today: Bearish temporarily
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