Crude oil price suffers sharp losses – Analysis - 28-10-2021

Crude oil price broke 82.85 level strongly and declined sharply to approach the bullish channel’s support line, on its way to achieve expected bearish correction for the rise that started from 61.83 areas, targeting testing 79.83 level as a next station, noting that breaking this level will extend the bearish wave to reach 76.40 on the near term basis.

Therefore, the bearish bias will be suggested in the upcoming sessions, noting that breaching 82.55 will stop the expected negative pressure and lead the price to regain the main bullish trend again.

The expected trading range for today is between 79.50 support and 82.55 resistance.

The expected trend for today: Bearish