Oil price confirmed breaking the 84.55 level after ending yesterday’s trading below it, to support the continuation of the bearish corrective trend, whose next target is at 81.20.
The moving average 50 continues to support the proposed bearish wave, and breaking the target level will put pressure on the price to incur additional losses up to 77.86, taking into account that breaching 84.55 will stop the current negative pressure and lead the price to begin recovery attempts in the intraday term.
The expected trading range for today is between support 81.20 and resistance 84.55
The moving average 50 continues to support the proposed bearish wave, and breaking the target level will put pressure on the price to incur additional losses up to 77.86, taking into account that breaching 84.55 will stop the current negative pressure and lead the price to begin recovery attempts in the intraday term.
The expected trading range for today is between support 81.20 and resistance 84.55
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