Midday update for Crude oil 09-05-2022

Economies.com
2022-05-09 09:28AM UTC

Crude oil price faces negative pressure to head towards potential decline for the rest of the day, targeting testing the bullish channel’s support line around 104.85 – 104.60, making the bearish bias suggested in the upcoming sessions unless the price rallied to breach 109.15 and hold above it, as breaching this level will lead the price to resume the main bullish trend again.

 

The expected trading range for today is between 105.00 support and 110.00 resistance.

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The expected trend for today: Bearish for the rest of the day

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