Crude oil loses momentum – Analysis - 12-02-2019
Crude oil price tests the intraday bearish channel’s resistance that appears on the chart after succeeding to achieve our first target at 51.46 yesterday, accompanied by stochastic reach to the overbought areas now, noticing that the EMA50 forms negative pressure to protect the current resistance areas.
Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, waiting to break 51.46 level to confirm heading towards 50.00 as a next target, taking into consideration that the continuation of the bearish wave depends on the price stability below 53.50 and the most important below 54.40.
The expected trading range for today is between 50.00 support and 53.50 resistance.
The expected trend for today: Bearish
Commodities News
Commodities
Oil prices try to recover from seven-week lows
Global oil prices rose in European trade on Thursday for the first time in five sessions away from ...
Commodities
Gold tumbles to one-month lows but still logs in monthly profit
Gold prices fell on Tuesday as the dollar rose against most major rivals, but the precious metal ...
Commodities
Oil prices extend losses, with Brent plumbing five-week lows
Oil prices fell in American trade on Tuesday, extending losses for the third straight session, with ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 02-05-2024
Brent Oil Trading Report Brent oil price is testing 84.77$ level and attempts to consolidate ...
Commodities
Crude oil price forecast update 02-05-2024
Crude Oil Trading Report Crude oil price shows positive trades and attempts to breach 79.60$, ...
Commodities
Silver price forecast update 02-05-2024
Silver Trading Report Silver price continues to decline to move below the neckline of the double ...