Crude oil price continued to decline this morning to reach 79.90 areas, but it rebounds bullishly now in attempt to recover and resume the bullish wave, while it continues to face contradiction between the technical indicators to stay aside until we get clearer signal for the next trend after the price’s destination settles down.
Note that continuing the rise and breaching 80.84 will lead the price to resume the bullish wave and visit 83.25 areas as a next main station, while breaking 78.90 will put the price under additional negative pressure to target testing 78.25 followed by 76.90 levels on the near term basis.
The expected trading range for today is between 78.30 support and 81.60 resistance.
The expected trend for today: Neutral