Midday update for Crude oil 17-01-2020

Crude oil price shows new bullish bias to approach the EMA50, while stochastic continues to provide overbought signals, waiting to motivate the price to resume the expected bearish trend on the intraday and short term basis, which its targets begin at 57.40 and extend to 54.60 after surpassing the previous level, reminding you that holding below 59.20 represents initial condition to continue the expected decline.

The expected trading range for today is between 56.50 support and 59.50 resistance.

The expected trend for today: Bearish