Crude oil price achieves some bearish correction – Analysis - 07-04-2020

2020-04-07 04:55:34 GMT (Economies.com)
 

Crude oil price provided negative trades yesterday, as a bearish correction for the rise measured from 19.90 to 29.11, noticing that the price leaned on the bullish channel’s support line that appears on the chart to start bouncing bullishly from there, which supports the chances of resuming the bullish trend, waiting to head towards 30.00 that represents our next main target.

 

The EMA50 forms good support to protect the suggested positive scenario, noting that breaking 25.60 will stop the expected rise and press on the price to make more bearish correction.

 

The expected trading range for today is between 25.60 support and 29.10 resistance.

 

The expected trend for today: Bullish

 
 
 
  Symbol Last Change Chg.%
1.1838
0.0072
0.6111%
1.3092
0.0021
0.1641%
Tadawul
7704.25
49.87
0.65%
26.209
-2.340
8.197%
41.915
-0.070
0.167%
44.58
-0.38
0.85%
1944.400
-90.995
4.471%
 
 
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