Crude oil price returns to the resistance – Analysis - 09-05-2019

Economies.com
2019-05-09 00:57AM UTC

Crude oil price hovers around the bearish channel’s resistance, accompanied by stochastic approach to the overbought areas, while the EMA50 keeps pressing negatively on the price, to keep the chances valid to resume the expected correctional bearish trend on the intraday and short term basis, reminding you that breaking 60.86 is required to reinforce the chances of heading towards 57.33 that represents the next correctional target.

 

Therefore, the bearish bias will remain suggested unless breaching 62.60 and holding above it.

 

The expected trading range for today is between 60.00 support and 63.00 resistance.

 

The expected trend for today: Bearish

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