Crude oil price suffers sharp losses – Analysis - 06-07-2022
Crude oil price lost more than 10% yesterday, and declines again after the bullish gap that it witnessed by today’s open, to settle below 98.95 level, which pushes the price to continue the decline in the upcoming sessions, on its way to visit 95.00 followed by 92.80 areas as next main targets.
Therefore, the bearish trend scenario will remain valid and active, organized inside the bearish channel that appears on the chart, noting that breaching 98.95 will stop the current negative pressure and lead the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 92.80 support and 100.00 resistance.
The expected trend for today: Bearish