Crude oil price stops the bearish correction – Analysis - 08-11-2021

Crude oil price couldn’t manage to hold for long time below 79.85, to rally bullishly and surpass 80.65 level to achieve additional gains and settles above the EMA50 now, which leads the price to continue the rise and head to regain the main bullish trend again, and it needs to breach 83.30 to confirm the return to the bullish channel followed by continuing the rise on the intraday and short term basis.

Therefore, we expect to witness more rise in the upcoming sessions conditioned by the price stability above 80.65, noting that the first main target is represented by testing the recently recorded top at 85.40.

The expected trading range for today is between 81.00 support and 84.00 resistance.

The expected trend for today: Bullish