Crude oil price touches the target – Analysis - 16-06-2022
Economies.com
2022-06-16 04:19AM UTC
Crude oil price succeeded to achieve our waited target at 113.70 and attempts to break it, to hint heading to achieve more expected decline in the upcoming period, paving the way to head towards 111.00 followed by 109.15 levels.
Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the negative pressure formed by the EMA50, taking into consideration that failing to break 113.70 will lead the price to start new bullish wave that targets testing 116.85 followed by 117.75 areas initially.
The expected trading range for today is between 111.00 support and 116.00 resistance.
The expected trend for today: Bearish
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