Crude oil price loses momentum – Analysis - 17-01-2020

Crude oil price provided slight positive trades yesterday to settle around 58.50 now, noticing that stochastic lost its positive momentum to move at the overbought areas, to support the chances of resuming the expected bearish trend for the upcoming period, which gets continuous support by the EMA50, waiting to surpass 57.40 to reinforcing the chances of rallying towards 54.60 as a next target.

Therefore, the bearish trend scenario will remain suggested conditioned by the price stability below 59.20, as breaching this level will lead the price to test 60.90 level before any new negative attempt.

The expected trading range for today is between 56.50 support and 59.50 resistance.

The expected trend for today: Bearish