Crude oil price suffers new strong losses – Analysis - 05-11-2021

Crude oil price bounced downwards sharply after retesting the broken support of the main bullish channel’s support line that appears on the chart, to suffer strong losses and surpass the expected negative target at 79.85 and settels with a daily close below it, which opens the way to achieve more expected bearish correction on the intraday basis, on its way to visit 76.40 as a next negative target.

Therefore, the bearish bias will remain suggested and dominant in the upcoming sessions, noting that the continuation of the bearish wave depends on the price stability below 79.85 and 80.65 levels.

The expected trading range for today is between 78.00 support and 81.00 resistance.

The expected trend for today: Bearish