Midday update for Crude oil 22-05-2020
Economies.com
2020-05-22 09:03AM UTC
Crude oil price broke the main bullish channel’s support line strongly and settled below it, which stops the positive scenario and press on the price to start correctional bearish wave for the rise that it started from 10.05 areas, on its way to visit 28.80 that represents the first correctional level.
Therefore, the bearish bias will be expected for the rest of the day unless the price rallied to breach 33.15 level and hold above it.
The expected trading range for today is between 30.00 support and 33.15 resistance.
The expected trend for today: Bearish for the rest of the day
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