Crude oil price reaches the positive target – Analysis - 12-08-2022

Crude oil price rallied upwards strongly yesterday to approach the first correctional level at 94.50, noticing that the price completed forming double bottom pattern that might lead the price to breach the mentioned level and achieve more bullish correction, but it faces negative signals through stochastic, which might force the price to decline again.

Therefore, we will stay aside until the price confirms surpassing one of the next trend keys represented by 91.45 support and 94.50 resistance, noting that breaching the mentioned resistance will push the price to visit 96.50 followed by 97.60 levels as next positive targets, while breaking the support represents the key to resume the main bearish trend and head towards 89.60 initially.

The expected trading range for today is between 91.50 support and 95.00 resistance.

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The expected trend for today: Depends on the above mentioned levels