Crude oil price forms negative pattern – Analysis - 20-10-2021
Crude oil price bounced bearishly after approaching the recently recorded top at 83.85, to head towards testing 81.75 level, and by taking a deeper look at the chart, we find that the price forms double top pattern that its confirmation line meets 81.75 level, thus, breaking this level will put the price under negative pressure that targets 80.45 direct.
Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that failing to achieve the required break will lead the price to start new recovery attempts to regain the main bullish trend again.
The expected trading range for today is between 81.00 support and 83.60 resistance.
The expected trend for today: Bearish