Crude oil price turns to decline – Analysis - 01-07-2022

Crude oil price traded with strong negativity yesterday to break the bullish channel’s support line and reach 104.60 direct, starting today with new negativity to press on the mentioned level, which hints heading to suffer more expected losses in the upcoming sessions, targeting 101.20 followed by 98.95 levels as next main stations.

Therefore, we expect to witness more decline on the intraday basis, taking into consideration that the consolidation of 104.60 level against the current negative pressure will stop the suggested negative scenario and lead the price to start new recovery attempts.

The expected trading range for today is between 101.00 support and 107.00 resistance.

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The expected trend for today: Bearish