Crude oil price within tight track – Analysis - 08-07-2020

The tight sideways range dominates Crude oil price trades as appears on the chart, which hovers around 40.41 level, noting that there is a contradiction between the EMA50 positivity and stochastic negativity, which makes us continue with our neutrality until we get clearer signal for the next trend.

Note that surpassing the sideways range’s resistance at 40.80 will push the price to achieve additional rises that target 43.05 areas initially, while breaking 39.65 will put the price under negative pressure that its main targets begin at 37.60 and extend to 36.10.

The expected trading range for today is between 39.00 support and 42.00 resistance.

The expected trend for today: Neutral