Crude oil price fails to settle positively – Analysis - 11-11-2021
Economies.com
2021-11-11 05:31AM UTC
Crude oil price suffered strong losses yesterday after failing to hold above the bullish channel’s support line, to settle around 81.50 level now, and we believe that the way is open to continue the decline and test 23.6% Fibonacci correction level at 79.85 again.
Therefore, the bearish bias will be suggested for today, noting that breaking the targeted level will extend the bearish wave to reach 76.40 areas, while breaching 82.35 represents positive factor that will lead the price to start new recovery attempts to regain the main bullish trend again.
The expected trading range for today is between 79.85 support and 82.85 resistance.
The expected trend for today: Bearish
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