Crude oil price attempts to recover – Analysis - 04-08-2020
Economies.com
2020-08-04 03:46AM UTC
Crude oil price provided positive trades yesterday to test the intraday channel’s resistance line that appears on the chart, as it kept its stability below it until now, noticing that the EMA50 forms negative pressure against the price, while stochastic provides negative signals now.
Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, which targets 38.50 followed by 36.10 levels as next main stations, noting that breaching 40.80 will stop the expected decline and push the price to achieve more gains in the upcoming period.
The expected trading range for today is between 39.00 support and 42.00 resistance.
The expected trend for today: Bearish
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