Crude oil price breaks the support – Analysis - 10-07-2020
Economies.com
2020-07-10 04:26AM UTC
Crude oil price confirmed breaking the support line that appears on the chart and settled with a daily close below it, to activate the bearish trend scenario on the intraday and short term basis, on its way to achieve negative targtes that start at 37.50 and extend to 36.10.
Therefore, we suggest witnessing more negative trades in the upcoming sessions, supported by moving below the EMA50, taking into consideration that breaching 40.40 followed by 40.80 levels will stop the expected decline and leads the price to turn to rise.
The expected trading range for today is between 37.50 support and 40.80 resistance.
The expected trend for today: Bearish
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