Crude oil price leans on the support base – Analysis - 27-08-2021

Crude oil price leaned on the support base formed above 67.40 and bounced bullishly to start testing 68.00 barrier now, which supports the expctations of continuing the bullish trend, which its targets begin by testing 69.25 level, noting that breaching this level will extend the bullish wave to 71.05 as a next target.

Therefore, we will continue to suggest the bullish trend for the upcoming period supported by the EMA50, noting that holding above 67.40 is important to achieve the suggested targets.

The expected trading range for today is between 67.00 support and 69.50 resistance.

The expected trend for today: Bullish