Crude oil price hits the extended target – Analysis - 05-08-2022
Economies.com
2022-08-05 04:13AM UTC
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.
The expected trend for today: Bearish
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