Midday update for Crude oil 24-08-2021

Crude oil price breached the bearish channel’s resistance and closed the last four hours’ candlestick above it, to activate the bullish trend scenario for the rest of the day, on its way to achieve positive targets that start at 67.40.

Thus, the bullish bias will be suggested for the  upcoming sessions supported by the EMA50, noting that breaking 65.85 followed by 65.20 levels will stop the expected rise and press on the price to return to the bearish track again.

The expected trading range for today is between 64.30 support and 67.40 resistance.

The expected trend for today: Depends on the above mentioned levels