Crude oil price places lower high – Analysis - 22-10-2019
Crude oil price hovers around the EMA50, noticing that the price recorded second top after testing 54.60 level recently, to hint forming bearish pattern that supports the expectations of continuing the main bearish trend.
On the other hand, stochastic begins to lose the positive momentum and head towards the overbought areas, which forms negative motive that we are waiting to assist to push the price to decline in the upcoming sessions, to keep the bearish trend scenario valid and active conditioned by the price stability below 54.60, reminding you that our main targets begin at 51.80 and extend to 50.00 after breaking the previous level.
The expected trading range for today is between 51.80 support and 54.60 resistance.
The expected trend for today: Bearish
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