Crude oil price faces the moving average – Analysis - 11-07-2022
Economies.com
2022-07-11 03:55AM UTC
Crude oil price provided positive trades in the previous sessions to approach the key resistance 103.63, but it stopped at the EMA50 that formed solid barrier against the price, accompanied by witnessing negative signals through stochastic, which supports the chances of bouncing bearishly and provide expected negative trades in the upcoming sessions, targeting visiting 98.25 initially.
Therefore, the bearish bias will be suggested for today, noting that breaching 103.63 will stop the negative scenario and lead the price to achieve new gains on the intraday and short term basis.
The expected trading range for today is between 98.00 support and 103.63 resistance.
The expected trend for today: Bearish
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