Crude oil price achieves strong gains – Analysis - 08-07-2022
Crude oil price settles around 100.00 barrier after the bullish rally that it witnessed yesterday, facing contradiction between the technical factors, which makes us prefer to stay aside until we get clearer signal for the next trend, which we will get through breaching 102.00 resistance or breaking 98.95 support.
Note that breaching the mentioned resistance will push the price to achieve new rises that start by testing 104.60 and extend to 107.45 after breaching the previous level, while breaking the support represents the key to return to the bearish track and achieve negative targets that reach 92.85 on the near term basis.
The expected trading range for today is between 96.50 support and 104.60 resistance.
The expected trend for today: Neutral