Crude oil price breaks the support – Analysis - 03-03-2021
Economies.com
2021-03-03 05:11AM UTC
Crude oil price broke the bullish channel’s support line and closed the daily candlestick below it, to activate the correctional bearish trend scenario for the upcoming period, on its way to achieve negative targets that start at 56.64 mainly.
The EMA50 forms negative pressure that supports the expectations to decline, taking into consideration that breaching 60.10 followed by 61.15 levels will stop the negative scenario and leads the price to regain the main bullish trend again.
The expected trading range for today is between 58.00 support and 61.15 resistance.
The expected trend for today: Bearish
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