WTI Crude Oil facing strong resistance
Hello everyone,The oil price has been hovering around the 77.86 level since yesterday, and we notice that the 50 moving average provides positive support for the price to protect it from decline, waiting for it to surpass the aforementioned level to open the way for continuing the rise and achieving new gains starting at 79.32 and extending to 81.23.
From here, we continue to favor the upward trend for the coming period, remembering that breaking 77.25 will stop the expected rise and put pressure on the price to turn lower, heading towards visiting the 75.25 areas initially.
Resistance prices: 79.32 & 81.23 & 82.81
Support prices: 74.81 & 72.46 & 69.53
The general trend expected for today: bullish
From here, we continue to favor the upward trend for the coming period, remembering that breaking 77.25 will stop the expected rise and put pressure on the price to turn lower, heading towards visiting the 75.25 areas initially.
Resistance prices: 79.32 & 81.23 & 82.81
Support prices: 74.81 & 72.46 & 69.53
The general trend expected for today: bullish
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