Crude oil price declines strongly – Analysis - 30-10-2020
Economies.com
2020-10-30 04:46AM UTC
Crude oil price traded with strong negativity and attacked 36.10 level to record 34.90 yesterday, and it bounced bullishly to fluctuate around the first level, noticing that stochastic loses its positive momentum gradually, while the EMA50 forms continuous negative pressure against the price.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which its next main target located at 34.30, noting that breaching 37.55 will stop the current negative pressure and leads the price to achieve intraday bullish correction before turning back to decline again.
The expected trading range for today is between 35.00 support and 37.55 resistance.
The expected trend for today: Bearish
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