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Crude oil price confirms the break – Analysis - 16-11-2023
Crude oil price broke 77.86 level clearly and ended yesterday below, starting today with additional decline to confirm heading to achieve new negative targets that reach 73.73, which represents 76.4% Fibonacci correction level for that rise measured from 67.04 to 95.37, which means that breaking this level will push the price to suffer additional losses and turn the short-term and medium-term trend to decline.
Therefore, the bearish trend will be suggested for the upcoming period, organized inside the bearish channel that appears on the chart, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 77.86 will stop the current negative pressure and push the price to recover again.
The expected trading range for today is between 74.40 support and 77.50 resistance.
The expected trend for today: Bearish
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