Commodities

Midday update for Crude oil 13-09-2019

2019-09-13 10:38:29 GMT (Economies.com)

Crude oil price returns to press on 54.60 level, reinforcing the expectations for the bearish trend continuation in the upcoming period, and the price needs to confirm breaking this level, followed by breaking 53.90 to confirm the rally towards 51.80 that represents our next main target.

 

Therefore, we keep preferring the bearish trend for today supported by the EMA50, being aware that breaching 55.55 might push the price to test 57.40 levels before any new attempt to decline.

 

The expected trading range for today is between 53.00 support and 56.00 resistance.

 

The expected trend for today: Bearish

 

 

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