Crude oil price gathers the positive momentum – Analysis - 21-02-2020
Economies.com
2020-02-21 05:55AM UTC
Crude oil price shows slight bearish bias to test the support base formed at 53.20 after breaching it previously, accompanied by stochastic reach to the oversold areas, while the EMA50 keeps providing the positive support to the price.
Therefore, these factors encourage us to continue suggesting the bullish trend on the intraday basis, which targets 55.53 level as a next main station, while breaking 53.20 followed by 52.30 levels represent negative factor that will press on the price to stop the current bullish correction and return to the main bearish track again.
The expected trading range for today is between 52.50 support and 55.50 resistance.
The expected trend for today: Bullish
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