Crude oil prices test support – Analysis – 15-11-2023

Crude oil prices staged a bearish rebound after hitting the bearish channel resistance emerging on the charts, testing key support at 77.86, with stochastics noted to be shedding their negative momentum and approaching oversold territory. Wait for the price to resume the expected bullish wave within the day, with its next target reaching 81.20.

Therefore, the bullish trend scenario will remain valid and active for the period ahead, watch out for a break above 77.86 to halt the bullish trend and push the price back to a corrective bearish trajectory again.

Today's expected trading range is between 77.30 support and 80.20 resistance.

Expected trend today: Bullish