Commodities

Crude oil price touches the correctional negative target – Analysis - 09-03-2021

2021-03-09 05:25:58 GMT (Economies.com)

Crude oil price touched 64.55 level yesterday and started to rebound bullishly from there, which hints the price head to resume the main bullish trend after temporary bearish correction, motivated by stochastic positivity that appears clearly on the four hours’ time frame, waiting for more rise today, and the price needs to breach 65.80 to ease the mission of heading towards 67.50 as a first positive target.

 

Therefore, the bullish trend will be suggested for the upcoming sessions, noting that breaking 64.55 will press on the price to achieve more bearish correction that its next targets reach 63.55 followed by 62.55.

 

The expected trading range for today is between 64.00 support and 67.00 resistance.

The expected trend for today: Bullish

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