Crude oil price breaks the support – Analysis - 19-02-2021
Economies.com
2021-02-19 05:03AM UTC
Crude oil price broke the intraday bullish channel’s support line strongly and settled below it, which puts the price under expected negative pressure in the upcoming sessions, targeting testing 57.55 level mainly before turning back to rise again.
Therefore, the bearish bias will be expected for today, noting that this decline is temporary, waiting to resume the main bullish trend again, taking into consideration that breaching 60.40 will stop the negative scenario and leads the price to regain the bullish track without the need to the suggested decline.
The expected trading range for today is between 57.55 support and 60.70 resistance.
The expected trend for today: Bearish temporarily
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