After touching the previously breached ascending channel support level, crude oil price fell. However, trading remained limited in levels above 48.30. Currently, the price is trading above SMA 20, but below the previously mentioned breached support located at a price of 50.65 turned into resistance.
Current trading range is considered a high big risk range, and this is what makes us remain neutral, especially since the ADX is showing a strong decline in trend lines. 50.65 penetration rate will bring back positivity, while breaching 48.30 will indicate the extension of the downward trend that began yesterday.
- Support :48.75–48.30–47.00
- Resistance : 50.00–50.65–51.45
Direction: Neutral