Crude oil price faces negative pressure – Analysis - 02-08-2021
Economies.com
2021-08-02 04:26AM UTC
Crude oil price opened today’s trading with strong decline to break 73.30 and settles below it, but we notice that the price consolidates above the support base formed above the breached resistance that appears on the chart, while the EMA50 keeps supporting the price from below.
Therefore, we believe that the chances valid to resume the main bullish trend, which its next target located at 75.00, noting that breaking 72.55 will stop the expected rise and press on the price to achieve more decline.
The expected trading range for today is between 72.00 support and 74.80 resistance.
The expected trend for today: Bullish
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