Crude oil price completes the positive pattern – Analysis - 01-12-2022
Crude oil price hovers around 81.00 level since yesterday and finds difficulty to breach it until now, waiting to get positive momentum that assists to push the price to breach this level and confirm the continuation of the correctional bullish wave, which is affected by the inverted head and shoulders’ pattern that appears on the chart, reminding you that our next target is located at 83.27.
Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 that carries the price from below, reminding you that the continuation of the bullish wave requires holding above 78.00.
The expected trading range for today is between 79.00 support and 83.27 resistance.
The expected trend for today: Bullish
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