Crude oil price hits the first target – Analysis - 14-10-2021

Crude oil price managed to achieve our first waited negative target at 79.40, and bounced bullishly from there to hint heading to regain the main bullish trend, as it completed forming bullish flag pattern that its signs appear on the chart, and it breaches this pattern’s resistance now to get positive motive that we expect to push the price to achieve more rise in the upcoming sessions.

Therefore, the bullish trend will be suggested in the upcoming sessions supported by the EMA50 that keeps carrying the price from below, noting that breaking 79.40 will stop the expected rise and press on the price to suffer additional losses.

The expected trading range for today is between 79.60 support and 82.50 resistance.

The expected trend for today: Bullish