Crude oil price attempts to recover – Analysis - 29-01-2020
Economies.com
2020-01-29 05:52AM UTC
Crude oil price traded positively yesterday to approach the key resistance 54.60, noticing that stochastic enters the overbought areas now, while the EMA50 forms continuous negative pressure against the price.
Therefore, we will keep our bearish overview for the upcoming period, waiting to head towards 51.80 mainly, noting that breaching 54.60 will stop the negative scenario and leads the price to achieve more gains on the intraday basis.
The expected trading range for today is between 53.00 support and 55.20 resistance.
The expected trend for today: Bearish
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