On April 19, Economies.com’s analysts’ latest opinion today: WTI crude oil prices provided positive trading yesterday, approaching the first key resistance level at $81.70.
Today, the price started with a bearish bias, testing the EMA50 indicator currently forming support at $80.85.
Prices need to break above this level to reinforce expectations of a continuation of the intraday bearish trend, with $78.90 the next major stop target.
Stochastic has clearly lost the positive momentum supporting today’s decline. Note that a break above 81.70 and then the 82.25 level will stop the bearish trend and lead the price back into a major bullish trend again. Expect today’s trading range to be between 79.40-82.30.