Midday update for Crude Oil 28-03-2017
Economies.com
2017-03-28 11:34AM UTC
Crude oil price crawls gradually to the upside approaching from 48.37 level, accompanied with the issuance of big overbought signals that come from stochastic, which supports the chances for bouncing lower to resume the bearish trend on the intraday and short term basis, waiting for targeting 44.10 level mainly.
Therefore, the bearish trend will remain preferred for today conditioned by holding below 48.37, pointing that breaking 47.00 will provide good motive for the continuation of the suggested bearish wave.
Expected trading range for today is between 46.00 support and 49.00 resistance.
Expected trend for today: Bearish
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