Crude oil tests the channel’s support – Analysis - 05-10-2018
Economies.com
2018-10-05 04:28AM UTC
Crude oil price kept its stability above the main bullish channel’s support line after the strong decline that it witnessed yesterday, to start bouncing bullishly and hints heading to resume the main bullish track, supported by the EMA50 that keeps carrying the price from below, besides stochastic move near the oversold areas.
Therefore, the bullish trend scenario will remain valid in the upcoming period conditioned by the price stability above 74.00, noting that our main targets begin at 76.00 and extend to 77.80.
Expected trading range for today is between 73.50 support and 76.70 resistance.
Expected trend for today: Bullish
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