Crude oil price attempts to recover – Analysis - 24-11-2021

Crude oil price rallied upwards strongly on yesterday’s evening to breach 76.40 level and retest the previously broken neckline of the double top pattern at 78.95, and the rise stopped at this level, to keep the negative effect of this pattern active, accompanied by witnessing clear negative signals through stochastic, which supports the chances of bouncing bearishly to resume the correctional bearish trend again.

Therefore, we expect to witness negative trades in the upcoming sessions, and the targets begin by testing 76.40 level again, noting that breaching 78.95 followed by 79.85 levels will stop the correctional bearish scenario and lead the price to regain the main bullish trend again.

The expected trading range for today is between 76.40 support and 79.85 resistance.

The expected trend for today: Bearish