Crude oil price needs the positive momentum – Analysis - 08-12-2021
Economies.com
2021-12-08 05:17AM UTC
Crude oil price provided clear positive trades yesterday and approached our waited target at 73.60, showing some bearish bias affected by stochastic negativity, waiting to get positive momentum that assist to push the price to resume the bullish wave and surpass the mentioned level to reach 76.40 as a next main target.
Therefore, the bullish trend scenario still valid and active for the upcoming period, taking into consideration that breaking 70.85 will put the price under intraday negative pressure that targets testing 68.80 areas initially before any new attempt to rise.
The expected trading range for today is between 70.30 support and 73.60 resistance.
The expected trend for today: Bullish
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