Crude oil price draws negative pattern – Analysis - 21-09-2023

Crude oil price achieved clear gains yesterday and attempted to breach 90.95 level, but it bounced downwards strongly to settle at 89.36 level again, and by taking a deeper look at the chart, we find that the price completed forming head and shoulders’ pattern that its signs appear on the image, which means that breaking 89.36 will motivate the price to rally towards the next correctional target at 87.16 direct.

Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 90.15 will stop the current negative pressure and lead the price to start new recovery attempts.

The expected trading range for today is between 87.50 support and 90.50 resistance.

The expected trend for today: Bearish