Crude oil price faces solid resistance – Analysis - 29-07-2022
Economies.com
2022-07-29 04:03AM UTC
Crude oil price found solid resistance at 98.25, to rebound downwards clearly and head towards retesting the breached resistance of the main bearish channel, which turns into support now at 94.90, noting that the price needs to hold above this level to keep the positive scenario active, which targets testing the mentioned resistance initially.
Stochastic shows positive signals that support the chances of rising in the upcoming sessions, noting that breaking 94.90 will stop the positive scenario and press on the price to return to the main bearish channel again.
The expected trading range for today is between 94.00 support and 98.80 resistance.
The expected trend for today: Bullish
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