US Crude Oil (still under sell pressure)
Updated
US Oil
Outlook
The price of Oil shows some bullish tendency after it failed to stabilize under an important support zone
It continues to move inside the descending channel shown in the chart above, which supports chances of the continuation of the bearish corrective trend, noting that our targets start with a breach of 78.10 to confirm heading towards 77.23, then 75.90.
On the other hand, you should note that breaching 80.53 will stop the expected decline and push the price to try to return to the main bullish path again and then will drop again
Support line: 78.57 , 77.23
Resistance line: 79.50 , 80.53
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Outlook
The price of Oil shows some bullish tendency after it failed to stabilize under an important support zone
It continues to move inside the descending channel shown in the chart above, which supports chances of the continuation of the bearish corrective trend, noting that our targets start with a breach of 78.10 to confirm heading towards 77.23, then 75.90.
On the other hand, you should note that breaching 80.53 will stop the expected decline and push the price to try to return to the main bullish path again and then will drop again
Support line: 78.57 , 77.23
Resistance line: 79.50 , 80.53
Thank you for considering my analysis and perspective, and if this post was useful to you, don't forget to subscribe and like ❤️
Note
Like we said the price will be under sell pressure and price reached to support line 78.10 and its important for oil to be continue at the bearish trend but The reason for the rise in oil now is an explosion hitting an oil refinery in Iran now because of that the price couldn't break the support line, so the price will still be under sell pressure to reach our target but first should stable under 78.10 and then will open the way to our target .Note
USOIL UPDATE
As we mentioned the price under sell pressure and price reach to the support line 78.10
Now , the price show some bullish tendency after failed to stabilized under important support line 78.10 because it was an explosion hitting an oil refinery in Iran yesterday because of that the price couldn't break the support line and rose up in a short term ,
consolidation under 80.53 the price will remain in a downward trend and under 79.50 the price will try to reach 78.10
for any reasons if price rise up and could stable above 80.53 then the direction will up trend in the mid term to reach 82.32 and then drop again
the expect range trading for today will be between support line 79.50 and resistance line 80.53
Today news will affect the market
support line : 79.50 , 78.10
resistance line : 80.53 , 82.32
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