US Crude OIL 4H: started to correction
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USOIL
OUTLOOK
Technical abstract :
The price of oil was able to approach the 93.00 barrier, but it rebounded strongly to begin a downward correction of the rise that started from the 77.85 areas, as we expect from the previous idea breaking 91.00 will stop the expected rise and put pressure on the price to begin a downward correction in the immediate term and will tries to visit the support line 88.04 ,so right now on its way to testing the 89.36 level initially, noting that breaking this level will extend the downward corrective wave to reach the 88.04 areas in the near term.
Therefore, a bearish bias will be likely for today, keeping in mind that breaching 90.80 will stop the expected decline and lead the price to attempt to restore the main upward trend again.
The expect range trading for today it will be between resistance line 90.80 and support line 88.04.
Additionally : today news will affect the market .
support line : 89.35 ,88.04
resistance line : 90.80 , 91.52
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Technical abstract :
The price of oil was able to approach the 93.00 barrier, but it rebounded strongly to begin a downward correction of the rise that started from the 77.85 areas, as we expect from the previous idea breaking 91.00 will stop the expected rise and put pressure on the price to begin a downward correction in the immediate term and will tries to visit the support line 88.04 ,so right now on its way to testing the 89.36 level initially, noting that breaking this level will extend the downward corrective wave to reach the 88.04 areas in the near term.
Therefore, a bearish bias will be likely for today, keeping in mind that breaching 90.80 will stop the expected decline and lead the price to attempt to restore the main upward trend again.
The expect range trading for today it will be between resistance line 90.80 and support line 88.04.
Additionally : today news will affect the market .
support line : 89.35 ,88.04
resistance line : 90.80 , 91.52
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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USOIL UPDATE
As we expected under 90.81 the price of Oil will start to correction to 89.35 and 88.04 and already price reach to 88.38 so the price is near to our second target.
Now , the price will try to touch 88.04 and then rise up and continue at the main uptrend and if price can stable under 88.04 then the correction will be continue until 86.17 .
The expect range trading for today it will be between resistance line 89.35 and support line 88.04 until stabilized .
support line : 88.04 , 86.17
resistance line : 89.35 , 90.81
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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