Midday update for Crude oil 13-05-2019

Economies.com
2019-05-13 09:26AM UTC

Crude oil price trades with clear positivity to attack the triangle’s resistance that confines the recent trades, which hints the price head to resume the main bullish trend, motivated by stochastic positivity, but we need to get a daily close above 62.20 to confirm turning to rise on the intraday and short term basis.

 

Therefore, the morning suggested scenario will remain valid unless confirming breaching 62.20 level, noting that breaking 61.30 followed by 60.86 levels is required to confirm the continuation of the correctional bearish trend.

 

The expected trading range for today is between 59.70 support and 63.00 resistance.

 

The expected trend for today: Bearish

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