Crude oil price forms positive pattern – Analysis - 30-11-2022

Crude oil price keeps its stability above 78.20 level, and by taking a deeper look at the chart, we find that the price forms inverted head and shoulders’ pattern, its confirmation line located at 79.50, thus, breaching this level will push the price to achieve additional gains that surpass our waited target at 81.00 to reach 83.25.

Therefore, the bullish trend scenario will remain suggested for the upcoming period, noting that breaking 78.20 will cancel the suggested positive formation and stop the bullish trend to turn to decline.

The expected trading range for today is between 77.50 support and 81.20 resistance.

The expected trend for today: Bullish