Crude oil price attempts to recover – Analysis - 03-08-2022
Economies.com
2022-08-03 03:54AM UTC
Crude oil price traded with clear positivity yesterday to breach the bearish channel’s resistance and reach the EMA50, which forms solid resistance that forced the price to decline again, which makes us suggest resuming the negative trades and attempts to return to the main bearish channel again, to head towards achieving negative targets that reach 89.60.
Therefore, the bearish bias will be suggested for today, noting that breaching 94.50 followed by 95.50 levels will stop the negative scenario and lead the price to achieve additional gains that reach 98.25.
The expected trading range for today is between 89.60 support and 95.00 resistance.
The expected trend for today: Bearish
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