Crude oil price faces solid support – Analysis - 18-08-2022
Crude oil price found solid support at 86.36 and couldn’t manage to confirm breaking it, to trade positively and test the key resistance that rises now to 87.85, to hint the attempt to recover and start new bullish correction.
Now, we prefer to stay neutral until the price confirms its situation according to the above mentioned levels to manage to detect the next destination clearly, noting that breaching the mentioned resistance will push the price to recover and achieve gains that start at 90.15 and extend to 94.50, while breaking the support represents negative factor that will press on the price to resume the main bearish trend that its next targets located at 85.00 followed by 84.00.
The expected trading range for today is between 85.50 support and 89.70 resistance.
The expected trend for today: Neutral
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