Midday update for Crude Oil 21-04-2017
Economies.com
2017-04-21 11:16AM UTC
Crude oil price shows sideways and tight trading since morning settling below 51.00 level, and the EMA50 keeps pushing negatively on the price, which keeps our bearish overview valid for the upcoming period, which targets testing 48.37 level mainly, noting that it is important to monitor the price behavior when reaching this level, due to its importance of detecting the price next destination on the short term basis.
In general, the negative pressure will remain suggested unless the price managed to breach 52.55 level and hold above it.
Expected trading range for today is between 48.37 support and 52.00 resistance.
Expected trend for today: Bearish
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