Midday update for Crude oil 29-06-2021

Crude oil price finds solid support base at the bullish channel’s support line that appears on the chart, getting positive support by stochastic, which hints heading to start recovery attempts and regain the bullish trend again.

Therefore, we prefer staying aside temporarily until the price confirms its situation according to 72.45, as consolidating above it will lead the price to achieve positive targets that start by testing 74.40 areas, while breaking it represents the key to start the bearish correction that its first target located at 71.40.

The expected trading range for today is between 71.00 support and 73.50 resistance.

The expected trend for today: Neutral