Commodities

Crude oil price returns to decline – Analysis - 15-08-2022

2022-08-15 04:11:12 GMT (Economies.com)

Crude oil price provided clear positive trades in the previous sessions to reach the thresholds of 94.50 level, but it bounced downwards strongly to surpass 91.45 level and settles below it, which puts the price under expected negative pressure in the upcoming sessions, on its way to achieve negative targets that start at 89.60 and extend to 87.40.

 

Therefore, the bearish bias will be suggested in the upcoming sessions unless breaching 91.45 and holding above it.

 

The expected trading range for today is between 88.00 support and 92.00 resistance.

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The expected trend for today: Bearish

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