Crude oil price under the negative pressure – Analysis - 30-06-2020

Crude oil price confirmed breaching the intraday bearish channel’s resistance and settled above it, getting positive support by the EMA50 now, but on the other hand, we notice that stochastic lost its positive momentum and shows clear overbought signals, to form negative pressure that might force the price to decline again.

Therefore, this contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, which we will get through breaching 40.41 resistance or breaking 37.70 support, noting that breaching this resistance will confirm the price return to resume the main bullish trend that its next target located at 43.05, while breaking the support represents negative factor that will press on the price to achieve negative targets that start at 36.10 and extend to 32.40 after surpassing the previous level.

The expected trading range for today is between 38.00 support and 41.00 resistance.

The expected trend for today: Neutral