Crude oil price hits the first target – Analysis - 17-09-2020
Economies.com
2020-09-17 03:43AM UTC
Crude oil price managed to achieve our first waited target at 40.00 and found solid resistance there, to test the intraday bullish channel’s support line that appears on the chart, accompanied by stochastic reach to the oversold areas, waiting to motivate the price to resume the bullish trend in the upcoming sessions, which its next targets extend to reach 41.85.
Therefore, the bullish trend scenario will remain valid and active on the intraday and short term basis, noting that breaking 39.05 will stop the expected rise and press on the price to turn to decline again.
The expected trading range for today is between 38.70 support and 41.85 resistance.
The expected trend for today: Bullish
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