Crude oil price keeps its negative stability – Analysis - 27-08-2019
Economies.com
2019-08-27 04:57AM UTC
Crude oil price attempted to breach 54.47 level but it faced solid resistance formed by the bearish channel’s resistance that appears on the chart, as the EMA50 met this barrier to add more strength to it, which pushed the price to settle below the mentioned level, to keep the bearish trend valid and suggested in the upcoming sessions, waiting to visit 51.61 level that represents our next main station.
We should note that breaching 54.47 followed by 55.05 levels will stop the expected decline and push the price to achieve gains that reach 57.33 on the near term basis.
The expected trading range for today is between 51.61 support and 55.00 resistance.
The expected trend for today: Bearish
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