Crude oil price keeps achieving the positive targets – Analysis - 18-10-2021

Crude oil price opened today’s trading with strong rise to surpass our extended target at 83.00 and opens the way to achieve more gains on the short term and medium term basis, facing key resistance now at 83.95, noting that breaching this level will extend the bullish wave to reach 86.00 followed by 87.00 levels.

Note that the continuation of the bullish wave requires holding above 82.70, as breaking this level will press on the price to start intraday bearish correction that targets testing 82.10 and might extend to 81.10 before any new attempt to rise.

The expected trading range for today is between 82.20 support and 85.00 resistance.

The expected trend for today: Bullish