Crude oil price remains below the moving average – Analysis - 16-10-2019
Economies.com
2019-10-16 04:50AM UTC
Crude oil price trades with a calm negativity after the rise that witnessed yesterday, where the EMA50 forms a good resistance that stoped the positive attempts of the price, to support the continuation of the expected bearish trend on the intraday and short term basis, reminding you that we are waiting for visiting 51.80 level initially.
Therefore, the bearish bias will be preferred in the upcoming sessions, conditioned by holding below 54.60, reminding you that breaking 51.80 will extend the bearish wave to reach to 50.00 as a next station.
The expected trading range for today is between 51.00 support and 54.00 resistance.
The expected trend for today: Bearish
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