Oil price tests support
The oil price faced negative pressure yesterday to attack the 84.55 level, and we note that the price consolidated above this level to begin offering positive trades at the opening of the day, on its way to building an upward wave that we expect to mainly target the 86.50 and then 88.29 areas.
Therefore, we continue to favor the upward trend for the coming period, supported by the positivity of the Stochastic indicator that is clearly visible now, keeping in mind that breaking 84.55 will stop the expected rise and put pressure on the price to conduct an additional downward correction, with its next target reaching 83.21 .
Pivot Price: 84.55
Resistance Price: 86.50 & 88.29 & 90.70
Support price: 83.21 & 82.06 & 80.56
The general trend expected for today: bullish
Therefore, we continue to favor the upward trend for the coming period, supported by the positivity of the Stochastic indicator that is clearly visible now, keeping in mind that breaking 84.55 will stop the expected rise and put pressure on the price to conduct an additional downward correction, with its next target reaching 83.21 .
Pivot Price: 84.55
Resistance Price: 86.50 & 88.29 & 90.70
Support price: 83.21 & 82.06 & 80.56
The general trend expected for today: bullish
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