Commodities

Crude oil awaits the break – Analysis - 11-02-2019

2019-02-11 05:23:54 GMT (Economies.com)

Crude oil price resumes its negative trading by today’s opening to approach our first waited target at 51.46, noticing that stochastic provides negative overlapping signal that we are waiting to assist to push the price to break the mentioned level and open the way to head towards 50.00 that represents our next main target.

 

Therefore, we believe that the chances are valid to continue the decline in the upcoming sessions, noting that the continuation of the suggested bearish wave conditions holding below 53.50 and the most important below 54.40.

 

The expected trading range for today is between 50.00 support and 53.00 resistance.

 

The expected trend for today: Bearish

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