Crude oil price tests the resistance – Analysis - 07-06-2023
Economies.com
2023-06-07 04:03AM UTC
Crude oil price provided clear positive trades on yesterday’s evening to attempt to breach 71.55 level, but it closed the daily candlestick below it, to keep the bearish trend scenario valid and active for the upcoming period, which its targets begin at 70.00 and extend to 68.75.
Stochastic loses its positive momentum clearly and overlaps negatively now, to support the chances of resuming the negative trades in the upcoming sessions, taking into consideration that breaching 71.55 will lead the price to recover again and achieve gains that start by testing 72.90 areas.
The expected trading range for today is between 69.50 support and 72.50 resistance.
The expected trend for today: Bearish
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