Crude Oil Price Analysis

Expected Scenario

Crude oil price opened the week with a bearish gap that puts the price near the bullish channel’s support line. The EMA50 meets this channel’s support line to protect the continuation of trading inside it, waiting to cover this gap and resume the main bullish trend to head towards our next main target at 89.40$. Therefore, the positive scenario will remain valid and active, taking into consideration that breaking 85.30$ will stop the expected rise and push the price to start bearish correction for the rise that started from 71.35$ areas.

Expected Outcome

Crude oil price is currently near the bullish channel’s support line after opening the week with a bearish gap. The EMA50 meets this support line, indicating potential protection for the continuation of trading inside the channel. The main bullish trend is expected to resume once the gap is covered, targeting our next main target at 89.40$. However, breaking below 85.30$ would signal a halt in the expected rise and initiate a bearish correction.

Expected Trading Range

Between 85.00$ support and 88.00$ resistance.

Trend Forecast: Bullish