Crude oil price completes negative pattern – Analysis - 25-07-2022

Crude oil price broke 95.40 level clearly and settled below it, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that supports the chances of continuing the decline in the upcoming sessions, to expect the domination of the bearish trend on the intraday and short term basis, targeting 91.50 followed by 89.60 levels as next negative stations.

Therefore, the bearish bias will be expected for today, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 95.40 will lead the price to start new recovery attempts to head towards testing 97.50 level initially.

The expected trading range for today is between 90.00 support and 95.50 resistance.

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The expected trend for today: Bearish