Crude oil price loses momentum – Analysis - 09-09-2019

Crude oil price returns to test 57.33 resistance, which represents the sideways range’s resistance line that confines the recent trades, which its support line located at 54.47, as the sideways move scenario still dominant until the price manages to breach one of the mentioned levels.

The contradiction between the EMA50 positivity and stochastic negativity provides another reasons for the sideways fluctuation, reminding you that breaching the above mentioned resistance will push the price to achieve additional gains that reach 60.86, while breaking the support will press on the price to test 61.8% Fibonacci correction level at 51.61 again.

The expected trading range for today is between 55.50 support and 58.50 resistance.

The expected trend for today: Sideways