Crude oil price needs a negative motive – Analysis - 27-10-2020

Crude oil price shows some slight bullish bias after approaching 38.10 level in the previous sessions, affected by stochastic positivity, while the EMA50 continues to press negatively on the price, waiting to resume the expected bearish trend for the upcoming period, which its next main target located at 36.10.

Holding below 39.35 is important to continue the expected decline, as breaching it will stop the suggested negative scenario and push the price to turn to rise and achieve gains that start at 40.85 followed by 41.70.

The expected trading range for today is between 37.00 support and 40.00 resistance.

The expected trend for today: Bearish