Advertisements

Crude Oil Prices Hovering Around Moving Average, Bearish Momentum Likely

by Jennifer

Crude oil prices have found stability around the Exponential Moving Average (EMA50), with a noticeable loss of positive momentum. This development strengthens the likelihood of a bearish rebound, signaling a resumption of the downward trend on an intraday basis, with the primary target at 73.73.

Anticipating negative market movements in the upcoming sessions, it’s crucial to note that a reversal of the bearish outlook and a breach above 77.86 would halt the expected decline, potentially initiating a bullish shift on both intraday and short-term scales.

Advertisements

The projected trading range for the day is expected to span between the support level at 74.70 and the resistance level at 77.60.

Advertisements

Anticipated Trend for Today: Overall Bearish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News