Crude oil price attempts to consolidate above the support – Analysis - 24-05-2022
Economies.com
2022-05-24 04:18AM UTC
Crude oil price trades negatively to press on the key support 109.14, keeping its stability above it until now, as it gets good positive support by the EMA50 that protects the price from suffering more losses, while stochastic managed to get rid of its negative momentum and reach the oversold areas.
Therefore, these factors encourage us to continue suggesting the bullish trend for the upcoming period, which targets 113.70 as a next main station, noting that breaking 109.14 will stop the positive scenario and push the price to decline.
The expected trading range for today is between 107.50 support and 113.00 resistance.
The expected trend for today: Bullish
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