Oil price begins with a large upward gap
The price of oil opened today’s trading with a large upward gap to retest the broken support of the main ascending channel that appears in the chart, and we notice that the price is facing strong resistance there, as the 50 moving average meets this level to add more strength to it, while the Stochastic indicator reaches the saturation areas in Buy now.
Therefore, we expect to witness negative trading during the coming sessions, and the targets start at 84.55 and extend to 81.20 after breaking the previous level, keeping in mind that breaching 87.15 will stop the expected decline and lead the price to return to the main bearish path again.
The expected trading range for today is between support 84.50 and resistance 87.60
Therefore, we expect to witness negative trading during the coming sessions, and the targets start at 84.55 and extend to 81.20 after breaking the previous level, keeping in mind that breaching 87.15 will stop the expected decline and lead the price to return to the main bearish path again.
The expected trading range for today is between support 84.50 and resistance 87.60
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