Crude oil under the negative pressure – Analysis - 06-02-2019

2019-02-06 04:51:07 GMT (Economies.com)
Crude oil under the negative pressure – Analysis - 06-02-2019
 

Crude oil price continued to press negatively yesterday to break the bullish trend line that appears on the chart and settles below it, and by taking a deeper look at the chart, we find that the price completed forming a rising wedge pattern that its signs appear on the chart, which hints that price head to turn to decline, and we expect targeting 51.46 level initially.

 

Therefore, the bearish bias will be suggested in the upcoming sessions unless the price managed to rally bullishly to breach 54.40 level and hold with a daily close above it.

 

The expected trading range for today is between 51.45 support and 54.40 resistance.

 

The expected trend for today: Bearish

 
 
 
  Symbol Last Change Chg.%
1.1079
-0.0019
0.1726%
1.2132
-0.0022
0.1822%
16.874
-0.230
1.344%
56.195
1.395
2.546%
59.76
1.12
1.91%
1496.340
-15.925
1.053%
 
 
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