Crude oil price achieves strong gains – Analysis - 03-04-2020
Crude oil price rose strongly yesterday after Trump’s statements related to the expectations of decreasing the Saudi and Russian oil production, which pushed to touch 27.28 level, noticing that the price bounced downwards strongly to form negative technical formation that it attempts to confirm now, which encourages us to suggest the return of the bearish trend to dominate the intraday and short term trades.
Therefore, we expect witnessing more decline in the upcoming sessions, and the targets begin at 22.70 and extend to 20.00, taking into consideration that breaching 24.45 followed by 25.55 levels will stop the suggested decline and leads the price to achieve new gains.
The expected trading range for today is between 20.00 support and 25.55 resistance.
The expected trend for today: Bearish
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