Crude oil price rises strongly – Analysis - 05-10-2021
Crude oil price’s rise stopped at 78.35, to show temporary negative trades, noticing that the price completed forming bullish flag pattern that appears on the minor image, as it breached this pattern’s resistance to get positive motive that we expect to push the price to achieve additional gains that reach 79.00 followed by 80.00.
Therefore, we will continue to suggest the bullish trend for the upcoming period supported by the EMA50, taking into consideration that breaking 77.45 will press on the price to test 76.64 before any new attempt to rise.
The expected trading range for today is between 76.50 support and 79.50 resistance.
The expected trend for today: Bullish