Midday update for Crude oil 24-05-2019
Economies.com
2019-05-24 10:30AM UTC
Crude oil price shows bullish bias on its way for a potential retest process to the previously broken neckline of the double top pattern at 60.00, and as long as the price is below this level, the negative pressure will remain dominant in the upcoming sessions, noting that breaking 57.33 will confirm extending the bearish wave towards 54.47.
On the other hand, breaching 60.00 followed by 60.86 levels will stop the correctional negative scenario and lead the price to regain the main bullish track again.
The expected trading range for today is between 56.00 support and 60.00 resistance.
The expected trend for today: Bearish
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