Crude oil price tests the moving average – Analysis - 23-10-2020
Economies.com
2020-10-23 04:01AM UTC
Crude oil price fluctuates around the EMA50 that forms good resistance against the price, accompanied by stochastic loss to the positive momentum and reaching the overbougt areas, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next targets located at 39.30 followed by 38.10.
On the other hand, we should note that breaching 41.60 will stop the expected decline and leads the price to resume the bullish trend on the intraday and short term basis.
The expected trading range for today is between 39.00 support and 42.00 resistance.
The expected trend for today: Bearish
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