Crude oil price retests the neckline – Analysis - 05-12-2022
Economies.com
2022-12-05 04:46AM UTC
Crude oil price continued to decline to retest the breached neckline of the inverted head and shoulders’ pattern that appears on the chart, as it kept its stability above it and bounced bullishly by today’s open to attempt to step above 81.00, which encourages us to suggest the bullish bias for the upcoming period, affected by the mentioned pattern, waiting to test 83.27 as a next main target.
Therefore, we expect to witness positive trades today unless breaking 79.50 and holding below it.
The expected trading range for today is between 79.50 support and 83.00 resistance.
The expected trend for today: Bullish
Commodities News
Commodities
Gold scales fresh record highs and marks weekly gains
2024-05-17 21:03PM UTC
Gold prices rose on Friday and scaled fresh record highs, marking the second weekly profit in a ...
Commodities
Silver about to trade above $30 once more for first time in 3 years
2024-05-17 11:54AM UTC
Silver prices rose in European trade on Friday, resuming gains and approaching $30 an ounce for the ...
Commodities
Gold hovers near four-week high ahead of Christopher Waller's remarks
2024-05-17 09:13AM UTC
Gold prices rose in European trade on Friday, resuming gains and approaching four-week highs, and ...
Commodities Technical Analysis
Commodities
Update: Silver price resumes the bullish track
2024-05-17 15:23PM UTC
Silver price rallied upwards strongly to breach 29.80$ level and approach 31.00$ barrier, to stop ...
Commodities
Update: Gold price surpasses the first target
2024-05-17 15:23PM UTC
Gold price succeeded to achieve our first target at 2400.00$ and breached it to confirm the ...
Commodities
Brent oil price forecast update 17-05-2024
2024-05-17 09:10AM UTC
Brent Oil Price Analysis Expected Scenario Brent oil price hovers around the EMA50 that ...