Commodities

Crude oil price suffers historical losses – Analysis - 29-11-2021

2021-11-29 05:27:23 GMT (Economies.com)

Crude oil price’s sharp decline stopped at 76.4% Fibonacci correction level exectly at 67.39, and bounced bullishly in attempt to recover and cover some losses that it suffered on last Friday, but we believe that the price will resume the bearish track to test the mentioned level again and attempt to break it and open the way to head towards the previously recorded low areas at 61.83.

 

Therefore, the bearish trend will be suggested for today, noting that breaching 73.60 will stop the expected decline and lead the price to achieve more gains and attempt to regain the main bullish trend again.

 

The expected trading range for today is between 69.00 support and 73.00 resistance.

The expected trend for today: Bearish

 

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