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Crude oil price within continuation pattern – Analysis - 20-05-2020
Crude oil price’s recent trades confined within bullish pennant pattern that appears on the chart, thus, the price needs to breach 32.20 to activate the positive effect of this pattern and rally to resume the main bullish trend, as our next target is located at 36.50.
Therefore, we will continue to suggest the bullish trend for the upcoming period, supported by the EMA50 that carries the price from below, noting that breaking 31.35 will put the price under negative pressure that targets testing the main bullish channel’s support line at 30.05 before any new attempt to rise.
The expected trading range for today is between 30.50 support and 34.00 resistance.
The expected trend for today: Bullish
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Silver price builds support base – Analysis - 20-05-2020
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