Crude oil price touches the main resistance – Analysis - 21-10-2021

Crude oil price managed to achieve our first suggested positive target in our last technical update at 83.85, and finds solid barrier at the main bullish channel’s resistance that appears on the chart, to head towards achieving potential negative trades in the upcoming sessions.

The price faces contradicted technical factors that makes us prefer staying aside until we get clearer signal for the next trend, noting that breaching 84.00 will lead the price to achieve additional gains that start at 84.40 and extend to 85.00, while breaking 82.60 represents negative factor that will press on the price to start new intraday bearish correction that targets testing 81.60 areas initially.

The expected trading range for today is between 82.00 support and 85.00 resistance.

The expected trend for today: Neutral