Crude oil price returns to the bearish channel – Analysis - 02-08-2022
1 year ago

Crude oil price declined strongly yesterday to succeed achieving our first negative target at 92.45, and we notice that the price returns to the main bearish channel to support the continuation of the bearish bias in the upcoming sessions, paving the way to head towards 89.60 as a next negative target.


Therefore, we are waiting for more expected decline on the intraday basis, taking into consideration that breaching 93.50 will stop the current negative pressure and lead the price to start recovery attempts on the intraday basis.



The expected trading range for today is between 89.60 support and 94.50 resistance.

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The expected trend for today: Bearish

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