Crude oil price faces solid support – Analysis - 16-11-2021

Crude oil price found difficulty to break 79.85 level, to trade positively and test the EMA50, that forms solid resistance at 81.40, accompanied by stochastic loss to the positive momentum and entering the overbought areas, which supports the chances of bouncing bearishly to resume the bearish bias, waiting to break 79.85 to confirm extending the correctional bearish wave towards 76.40.

Therefore, the bearish trend scenario will remain active for the upcoming period, noting that breaching 81.40 followed by 82.30 will lead the price to achieve additional gains and attempt to regain the main bullish trend again.

The expected trading range for today is between 79.60 support and 82.50 resistance.

The expected trend for today: Bearish