Crude oil price tests the support base – Analysis - 02-12-2022
Economies.com
2022-12-02 05:12AM UTC
Crude oil price bounced bearishly after touching 83.27 level, to test the support base formed above 81.00 after breaching it previously, and the price needs to consolidate above this level to keep the correctional bullish trend scenario active, waiting to breach 83.27 to open the way to head towards 85.55 as a next station.
Stochastic gains the positive momentum gradually, to support the expectations of rising in the upcoming sessions, noting that breaking 83.27 will stop the positive scenario and press on the price to decline towards 79.50 areas initially.
The expected trading range for today is between 80.00 support and 83.27 resistance.
The expected trend for today: Bullish
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