US Crude OIL 4H : DESCENDING CHANNEL
US Crude Oil
New forecast
The price of oil continued the upward push to reach the top of the descending channel and test the resistance of the descending channel at 77.20. We expect the price to continue to decline as long as it trades within the descending channel to visit the 74.41 level as a negative target and extend towards the 72.90 level again.
Therefore the downward scenario will be remain as long as price trade at the bearish channel and moving average 50 still support the price to decline , taking into account that stabilized above 78.83 will force the price to get out of the descending channel and will start a positive trades .
The expected trading range for today is between support 74.41 and resistance 78.83 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 74.41 , 72.90
resistance line : 78.00 , 78.83
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
The price of oil continued the upward push to reach the top of the descending channel and test the resistance of the descending channel at 77.20. We expect the price to continue to decline as long as it trades within the descending channel to visit the 74.41 level as a negative target and extend towards the 72.90 level again.
Therefore the downward scenario will be remain as long as price trade at the bearish channel and moving average 50 still support the price to decline , taking into account that stabilized above 78.83 will force the price to get out of the descending channel and will start a positive trades .
The expected trading range for today is between support 74.41 and resistance 78.83 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 74.41 , 72.90
resistance line : 78.00 , 78.83
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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