Commodities

Crude oil price achieves the negative targets – Analysis - 16-08-2022

2022-08-16 03:27:27 GMT (Economies.com)

Crude oil price traded with strong negativity yesterday to achieve our targets -suggested in our previous report- and reach the previously recorded low at 86.36, noticing that the price attempts to recover now, but we suggest the continuation of the negative pressure supported by the EMA50, to head towards visiting 85.00 as a next main station.

 

Therefore, the bearish trend will remain expected in the upcoming sessions unless the price rallied to breach 89.60 and hold above it.

 

The expected trading range for today is between 85.00 support and 90.00 resistance.

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The expected trend for today: Bearish

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