Commodities

Crude oil price gets a negative signal – Analysis - 15-01-2020

2020-01-15 05:48:00 GMT (Economies.com)

Crude oil price resumes its negative trading after the calm rise that it witnessed yesterday, noticing that stochastic provides negative overlapping signal that supports the chances of achieving more decline in the upcoming sessions, waiting to test 57.40 level initially, reminding you that breaking this level will extend the bearish wave to reach 54.60.

 

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis unless the price rallied to breach 60.90 and hold above it.

 

The expected trading range for today is between 56.50 support and 59.30 resistance.

 

The expected trend for today: Bearish

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