Crude oil price hits the first extended target – Analysis - 17-06-2022

Crude oil price traded with strong negativity yesterday to break 113.70 level and achieve our first extended target at 111.00, noticing that the price showed strong bullish rebound to settle above the first level, but it begins today with bearish bias to support the chances of continuing the bearish trend in the upcoming sessions, supported by stochastic and the EMA50 negativity.

Therefore, we expect to witness negative trades today, and breaking 113.70 will reinforce the chances of targeting 111.00 followed by 109.15 levels as next main stations, noting that breaching 115.60 will stop the negative scenario and lead the price to start recovery attempts on the intraday basis.

The expected trading range for today is between 111.00 support and 116.00 resistance.

Open Live Trading Account

The expected trend for today: Bearish