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Crude oil price stops the bearish correction – Analysis - 21-08-2023
Crude oil price breached 80.65 level clearly and settled above it, starting today with new rise to move away from this level, to confirm stopping the bearish correction and head to regain the main bullish trend again, paving the way to achieve gains that start at 82.90 and extend to 84.90.
Therefore, the bullish bias will be suggested for the upcoming period, supported by moving above the EMA50, noting that breaking 80.65 will stop the expected rise and push the price to return to the correctional bearish track again.
The expected trading range for today is between 80.65 support and 83.60 resistance.
The expected trend for today: Bullish
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