Crude oil price tests the channel’s support line – Analysis - 06-01-2022
Economies.com
2022-01-06 05:13AM UTC
Crude oil price found good resistance around 78.50, to rebound bearishly and test the bullish channel’s support line that appears on the chart, accompanied by stochastic gain to the positive momentum gradually, waiting to motivate the price to resume the main bullish trend, which targets 79.80 as a next station.
Therefore, the positive scenario will remain valid and active, noting that breaking 76.40 will stop the expected rise and press on the price to decline towards 73.60 areas before any new attempt to rise.
The expected trading range for today is between 75.40 support and 78.50 resistance.
The expected trend for today: Bullish
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