Crude oil price tests the resistance – Analysis - 21-10-2019
Economies.com
2019-10-21 04:53AM UTC
Crude oil price made a new test to 54.60 level and bounced lower from there, keeping the bearish trend scenario valid and active on the intraday basis, and the price needs to surpass the EMA50 to ease the mission of achieving our waited initial target at 51.80.
Note that surpassing the mentioned target will push the price to 50.00 barrier directly, while breaching 54.60 will stop the expected decline and leads the price to achieve extra gains that reach to 57.40.
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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