Crude oil price gathers the positive momentum – Analysis - 16-02-2021
Economies.com
2021-02-16 05:13AM UTC
Crude oil price provided calm negative trades to lean on 60.00 barrier and attempts to rise again, noticing that stochastic gets rid of its negative momentum to approach the oversold areas, waiting to motivate the price to resume the main bullish trend, which its next target located at 63.35.
Therefore, the bullish trend scenario will remain valid for the upcoming period supported by the EMA50, noting that breaking 59.65 will press on the price to achieve more intraday decline to test 58.60 areas before any new attempt to rise.
The expected trading range for today is between 59.00 support and 62.00 resistance.
The expected trend for today: Bullish
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