Midday update for Crude oil 12-07-2022
Economies.com
2022-07-12 09:13AM UTC
Crude oil price shows more bearish bias to reach the thresholds of 98.25 level, expecting the continuation of the negative pressure to surpass this level and rally towards our next negative target that reaches 94.70, noting that there is a minor doublt top pattern under construction now, we expect to assist to push the price to achieve the extended target.
In general, we will continue to suggest the bearish trend unless the price rallied to breach 103.63 level and hold above it.
The expected trading range for today is between 97.00 support and 102.00 resistance.
The expected trend for today: Bearish
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