Crude oil price under the negative pressure – Analysis - 24-11-2022
Economies.com
2022-11-24 04:03AM UTC
Crude oil price settles below 78.00 level after the strong decline that it witnessed yesterday, affected by stochastic positivity, to show some sideways fluctuation, waiting to resume the negative trades to head towards 76.05 that represents our next main target.
Therefore, we expect the continuation of the bearish bias in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 79.20 will stop the current negative pressure and lead the price to start bullish correction on the intraday basis.
The expected trading range for today is between 75.50 support and 79.50 resistance.
The expected trend for today: Bearish
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