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Crude oil price hits the target – Analysis - 16-05-2022
Crude oil price succeeded to achieve our waited target at 109.15 and found solid resistance there, to start today with clear decline and head towards starting expected bearish wave on the intraday basis, targeting testing 104.60 again.
Therefore, the bearish bias will be suggested for today unless breaching 109.15 and holding above it, as breaching this level will lead the price to achieve additional gains that reach 113.70, while breaking 104.60 will press on the price to suffer additional losses on the intraday and short term basis.
The expected trading range for today is between 103.50 support and 109.15 resistance.
The expected trend for today: Bearish
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