Crude oil price begins bearish correction – Analysis - 19-10-2021

2021-10-19 04:11:22 GMT (Economies.com)
 

Crude oil price bounced downwards strongly after approaching our waited target at 83.95, to break the intraday bullish trend line and start bearish correction for the rise that started from 74.94 areas, as we expect to witness negative trades in the upcoming sessions, the targets start at 81.75 and extend to 80.45 after breaking the previous level.

 

Therefore, the bearish bias will be expected for today, taking into consideration that breaching 82.85 will stop the current negative pressure and lead the price to resume the main bullish trend again, to head towards visiting 84.40 level as a first positive target.

 

The expected trading range for today is between 81.00 support and 83.50 resistance.

The expected trend for today: Bearish

 
 
 
  Symbol Last Change Chg.%
0.9806
0.0150
1.5572%
1.1098
0.0277
2.5633%
18.826
-0.032
0.172%
81.614
2.320
2.926%
88.57
-0.75
0.84%
1660.670
15.310
0.930%
 
 
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