Hello everyone,
WTI Oil 4H NEW FORECAST
The price of oil begins today's trading with noticeable negativity, breaking the 83.90 level and settling below it, heading towards a new bearish correction during the coming sessions, targeting the 82.88 areas as the next main stop.
Therefore, a bearish bias will be likely for today unless the 83.90 level is breached and holds above it, as this breach will stop the current negative pressure and lead the price to attempt to restore the main upward trend again.
The expected trading range for today is between the support at 81.70 and the resistance at $84.60
WTI Oil 4H NEW FORECAST
The price of oil begins today's trading with noticeable negativity, breaking the 83.90 level and settling below it, heading towards a new bearish correction during the coming sessions, targeting the 82.88 areas as the next main stop.
Therefore, a bearish bias will be likely for today unless the 83.90 level is breached and holds above it, as this breach will stop the current negative pressure and lead the price to attempt to restore the main upward trend again.
The expected trading range for today is between the support at 81.70 and the resistance at $84.60
Trade active:
Oil price trades declined significantly after testing the 83.70 level in the past sessions, which supports the continued decline in expectations in the immediate term, and the way is open to achieving our expected target at 81.70, keeping in mind that breaking this level will extend the bearish corrective wave to reach the 78.72 areas. .
Therefore, the downward trend scenario will remain valid and effective unless the price rushes to breach the 83.70 level and stabilize above it.
Therefore, the downward trend scenario will remain valid and effective unless the price rushes to breach the 83.70 level and stabilize above it.
Comment:
