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Crude oil price retests the neckline – Analysis - 20-10-2022
Crude oil price bounced upwards clearly yesterday, to retest the broken neckline of the double top pattern that appears on the chart, which meets the intraday bearish channel’s resistance, noticing that the EMA50 meets this resistance to add more strength to it, while stochastic lost its positive momentum clearly.
Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and the targets begin at 82.30 and extend to 80.00, noting that breaching 85.00 will push the price to achieve additional gains and test 86.60 areas before any new attempt to decline.
The expected trading range for today is between 82.20 support and 86.00 resistance.
The expected trend for today: Bearish
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