Crude oil retests – Analysis - 23-03-2017
Economies.com
2017-03-23 04:50AM UTC
Crude oil price retests 48.37 level, accompanied by stochastic reach to the overbought level, while the EMA50 continues to form negative pressure against the intraday and short term basis.
Therefore, these factors encourage us to keep our bearish trend expectations, targeting 44.10 levels mainly, being aware that breaching 48.37 then 49.10 levels will push the price to test the most important resistance level for the short term trading at 50.70 before detecting its next trend.
Expected trading range for today is between 46.00 support and 50.00 resistance.
Expected trend for today: Bearish
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