Crude oil price faces intraday negative pressure – Analysis - 11-01-2022
Economies.com
2022-01-11 04:49AM UTC
Crude oil price provided clear negative trades yesterday and attacked the bullish channel’s support line, but we notice that the recent decline confined inside bullish flag pattern, and the price breaches this pattern’s resistance now, to provide positive signals to head to resume the main bullish trend, and we need to breach 79.80 to confirm the continuation of the rise towards 81.75 as a next main station.
Therefore, we will continue to suggest the bullish trend for the upcoming period unless breaking 78.00 and holding below it.
The expected trading range for today is between 77.50 support and 80.40 resistance.
The expected trend for today: Bullish
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