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
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