Crude oil price attempts to breach – Analysis - 09-05-2022

Crude oil price continues the attempts to breach 109.15 level, to support the continuation of the expected bullish trend scenario on the intraday and short term basis, organized inside the bullish channel that reinforces the chances of achieving additional gains that reach 113.70.

Therefore, the bullish trend will remain active for the upcoming period, supported by the EMA50 that carries the price from below, noting that the consolidation of 109.15 level against the positive attempts might press on the price to rebound bearishly and head towards testing 104.60 areas before any new attempt to rise.

The expected trading range for today is between 107.00 support and 112.50 resistance.

The expected trend for today: Bullish