Crude oil price suffers sharp losses – Analysis - 04-08-2022
Economies.com
2022-08-04 04:05AM UTC
Crude oil price traded with strong negativity to approach our main waited target at 89.60, and we suggest the continuation of the negative pressure after the return to the bearish channel that appears on the chart to head towards achieving more negative targets on the intraday and short term basis, noting that the next target reaches 87.40.
Therefore, we are waiting for more expected decline in the upcoming sessions, noting that breaching 91.65 will lead the price to achieve new intraday gains.
The expected trading range for today is between 87.40 support and 92.00 resistance.
The expected trend for today: Bearish
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