Crude oil price hits the target – Analysis - 19-11-2021
Crude oil price succeeded to achieve our waited negative target at 76.40 and bounced upwards strongly from there to retest the previously breached neckline of the double top pattern that appears on the chart, accompanied by stochastic loss to the positive momentum, while the EMA50 keeps forming negative pressure against the price.
Therefore, these factors encourage us to suggest new negative trades in the upcoming sessions, the first target is represented by testing 76.40 areas again, taking into consideration that breaching 79.00 followed by 79.85 levels will stop the correctional bearish scenario and lead the price to regain the main bullish trend again.
The expected trading range for today is between 77.00 support and 80.20 resistance.
The expected trend for today: Bearish
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