Crude oil price faces negative pressure – Analysis - 28-03-2019
Economies.com
2019-03-28 04:58AM UTC
Crude oil price settled below the main bullish channel’s support line, but we notice that the EMA50 attempts to protect the price from suffering more losses, while stochastic gets rid of its negative momentum to reach the thresholds of the oversold areas.
Therefore, we believe that the chances are valid to trade positively in the upcoming sessions, and the price needs to breach 60.20 to confirm the continuation of the main bullish wave, which its next target located at 64.90, while achieving it conditions holding above 57.46.
The expected trading range for today is between 58.00 support and 61.00 resistance.
The expected trend for today: Bullish
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