Crude oil price attempts to recover – Analysis - 11-10-2019
Economies.com
2019-10-11 04:48AM UTC
Crude oil price continued to rise to surpass the EMA50, as it tested 54.00$ barrier, noticing that stochastic shows big overbought signals now, waiting to motivate the price to rebound bearishly to resume the main bearish trend, which targets testing 51.80 level initially.
Therefore, we will keep our bearish overview unless breaching 54.60 level and holding with a daily close above it, noting that surpass the mentioned target will push the price to 50.00 direct.
The expected trading range for today is between 51.80 support and 55.00 resistance.
The expected trend for today: Bearish
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