Crude oil price under the negative pressure – Analysis - 17-06-2021

Crude oil price faced clear negative pressure yesterday to break the bullish channel’s support line and settles below it, but we notice that the recent trades are confined inside a minor bearish channel that we believe it forms bullish flag pattern, thus, breaching 71.90 will activate the positive effect of this pattern and leads the price to regain the main bullish trend again, on its way to visit 74.00 level as a next main target.

Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 71.25 will stop the expected rise and press on the price to start correctional bearish wave.

The expected trading range for today is between 70.50 support and 73.20 resistance.

The expected trend for today: Bullish