US OIL
New forecast
Oil trading was confined to the top of the descending channel after touching the resistance of the descending channel at 78.83, to hold below the pivotal resistance of 78.00, waiting for the price to be stimulated to resume the expected downward wave in the immediate term, whose next target reaches 77.21 and 75.70.
Therefore, the downward trend scenario will remain valid and effective for the coming period, keeping in mind that breaking 78.83 and holding above it will pressure the price to the upward corrective path again.
The expected trading range for today is between support 77.21 and resistance 78.83 until breaching one of them .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 77.21 , 75.70
resistance line : 78.83 , 80.56
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