Midday update for Crude oil 21-09-2023

2023-09-21 09:19AM UTC

Crude oil price managed to break 89.35 level and moves away from it now, to activate the negative effect of the head and shoulders’ pattern and gets negative motive that we are waiting to push the price towards 87.16 as a next main target.


Therefore, the bearish trend scenario will remain dominant for the rest of the day, supported by moving below the EMA50, noting that the continuation of the bearish wave depends on the price stability below 89.35 and the most important below 90.15.



The expected trading range for today is between 87.50 support and 90.50 resistance.


The expected trend for today: Bearish

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