Crude oil below the resistance – Analysis - 16-10-2018
Economies.com
2018-10-16 04:20AM UTC
Crude oil price settles below 72.12 level, accompanied by stochastic approach to the overbought areas now, waiting to motivate the price to resume the correctional bearish trend, which its targets begin by breaking 70.66 to head towards 69.19 as a next station.
The EMA50 provides continuous negative pressure to support the expectations to decline, noting that breaching 72.12 followed by 73.07 levels will stop the correctional bearish scenario and push the price back to rise again.
Expected trading range for today is between 70.00 support and 73.07 resistance.
Expected trend for today: Bearish
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