Crude oil price loses momentum – Analysis - 08-04-2021
Economies.com
2021-04-08 04:17AM UTC
Crude oil price provided clear negative trades yesterday and approached 58.00 barrier, but it rebounds bullishly to fluctuate around 59.85, keeping its stability below it, accompanied by stochastic loss to the positive momentum clearly and reaching the overbought areas, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next targets located at 57.25 followed by 54.85.
The EMA50 continues to support the expected negative scenario, noting that it is important to hold below 59.85 and 60.60 levels to achieve the suggested targets.
The expected trading range for today is between 57.80 support and 60.60 resistance.
The expected trend for today: Bearish
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