Crude oil price hits the extended target – Analysis - 05-08-2022

2022-08-05 04:13:00 GMT (Economies.com)
 

Crude oil price managed to achieve our next waited target at 87.40, and we expect the continuation of the bearish trend domination within the bearish channel that appears on the chart to head towards achieving additional negative targets that extend to 85.90 followed by 84.55.

 

The EMA50 supports the expected decline, which will remain valid conditioned by the price stability below 91.15, as breaching this level will lead the price to start correctional bullish wave on the intraday basis.

 

The expected trading range for today is between 85.90 support and 90.00 resistance.

Open Live Trading Account

The expected trend for today: Bearish

 
 
 
  Symbol Last Change Chg.%
1.0265
0.0067
0.6597%
1.2139
0.0022
0.1816%
20.583
0.219
1.075%
92.262
3.784
4.277%
97.88
-1.74
1.75%
1796.970
15.295
0.859%
 
 
Live Forex Updates