Crude oil price tests the resistance – Analysis - 26-03-2019
Economies.com
2019-03-26 05:10AM UTC
Crude oil price approached testing the previously broken support of the main bearish channel that turns into resistance now at 59.60, accompanied by stochastic reach to the overbought areas, which forms negative factor that we are waiting to assist to push the price to decline again, to keep the bearish trend scenario active for the upcoming period, which targets 57.46 level mainly.
We should note that breaching 59.60 and holding with a daily close above it will stop the expected decline and push the price back to resume its main bullish track again.
The expected trading range for today is between 57.46 support and 60.50 resistance.
The expected trend for today: Bearish temporarily
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