Crude oil price achieves clear gains – Analysis - 29-05-2020
Economies.com
2020-05-29 04:30AM UTC
Crude oil price returned to decline after approaching 34.60 level yesterday, to fluctuate around the EMA50 now, recording third top that we believe it forms negative signal to head to resume the correctional bearish track for the entire rise measured from 10.05 to 34.60, which its first target located at 28.80.
Therefore, we suggest witnessing negative trades today, noting that breaking 33.00 will ease the mission of achieving the expected decline, while breaching 34.60 represents positive factor that will stop the suggested correctional scenario and leads the price to resume the main bullish trend again.
The expected trading range for today is between 30.00 support and 34.60 resistance.
The expected trend for today: Bearish
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