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Crude oil price begins bearish correction – Analysis - 08-09-2023
Crude oil price confirmed breaking the intraday bullish channel’s support line, to start bearish correction for the rise measured from 77.85 to 88.18, on its way to achieve negative targets that start at 85.75 and extend to 84.25 after surpassing the previous level.
Therefore, the bearish bias will be suggested for today, noting that breaching 87.45 will stop the negative scenario and lead the price to resume the main bullish trend again, to head towards achieving gains that start by testing 88.18 and extend to 89.95 on the near term basis.
We remind you that the continuation of the bullish wave requires holding above 87.10.
The expected trading range for today is between 84.50 support and 87.50 resistance.
The expected trend for today: Bearish
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