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Crude oil price recovers – Forecast today - 08-11-2024
Crude oil price bounced upwards clearly in the previous sessions to end yesterday above 72.15$, which keeps the positive scenario valid and active for the upcoming period, noting that the price begins today negatively to press on this level, but we will depend on the last daily close above it to suggest the bullish bias on the intraday basis, waiting to test 73.71$ as a next main target.
The consolidation below 72.15$ will push the price to decline towards 70.58$ before turning back to rise again, taking into consideration that the continuation of the bearish bias and breaking the last level will stop the positive scenario and push the price to turn to decline.
The expected trading range for today is between 70.80$ support and 73.80$ resistance
Trend forecast: Bullish
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