Crude oil price attempts to recover – Analysis - 09-08-2022

2022-08-09 04:22:49 GMT (Economies.com)
 

Crude oil price bounced upwards strongly after touching 86.60 level yesterday, to test the main bearish channel’s resistance that appears on the chart, accompanied by stochastic loss to the positive momentum clearly, while the EMA50 continues to press negatively on the price.

 

Therefore, we believe that the chances valid to resume the main bearish trend, which its next target located at 85.90, noting that the continuation of the bearish wave requires holding below 90.65.

 

The expected trading range for today is between 87.00 support and 91.50 resistance.

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The expected trend for today: Bearish

 
 
 
  Symbol Last Change Chg.%
0.9802
0.0147
1.5193%
1.1165
0.0345
3.1856%
19.049
0.190
1.008%
80.050
0.756
0.953%
87.96
-0.53
0.60%
1664.495
19.135
1.163%
 
 
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