Crude oil price draws positive formation – Analysis - 22-02-2021

Crude oil price bounced bullishly after it found solid support barrier at 59.00, and by taking a deeper look at the chart, we find that the price draws double bottom pattern that its confirmation line located at 60.30, thus, breaching this level will push the price to achieve more gains and regain the main bullish trend again.

Therefore, we suggest witnessing more rise in the upcoming sessions, and the main targets begin at 62.00, noting that the continuation of the bullish wave requires holding above 58.80 and the most important above 57.95.

The expected trading range for today is between 58.80 support and 62.00 resistance.

The expected trend for today: Bullish