Crude oil price hits the target – Analysis - 12-05-2022
Economies.com
2022-05-12 04:09AM UTC
Crude oil price succeeded to touch our waited target at 104.60 and found solid resistance there, to start bouncing bearishly, which pushes the price to start expected bearish wave on the intraday basis, targeting visiting 98.95 level mainly.
Therefore, we expect to witness more decline today, motivated by stochastic negativity, taking into consideration that breaching 104.60 will stop the suggested negative scenario and lead the price to achieve additional gains that reach 109.15.
The expected trading range for today is between 99.00 support and 105.00 resistance.
The expected trend for today: Bearish
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