Crude Oil under the negative pressure – Analysis - 10/02/2016
Economies.com
2016-02-10 05:45AM UTC
Crude oil price closed yesterday’s trading below 29.40 level, which confirms breaking this level then rally higher to resume the overall bearish trend, where the price returns to trade within the minor bearish channel that appears in the image, reinforcing the chances for the continuation of the decline in the upcoming sessions.
Therefore, the bearish trend will remain valid on the short and medium term basis, and the next main target at 25.48, pointing that the EMA50 provides continuous support for the suggested bearish wave, as its continuation conditioned by holding below 32.56 level.
Expected trading range for today is between 26.00 support and 30.00 resistance.
Expected trend for today: Bearish
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