📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Crude oil price shows sideways and weak trades since morning, and as long as the price is below 77.86, our bearish overview will remain valid as it is without any change, organized inside the bearish channel that appears on the chart, reminding you that our waited targets begin at 75.50 and extend to 73.73. The expected trading range for today is between 74.70 support and 77.70 resistance.
📊QUICK FUNDAMENTAL LOOK
Global oil prices fell on Wednesday on track for a second day of losses, plumbing four-month lows after a sharp buildup in US inventory stocks according to initial data. US crude fell 1.5% to $75.92 a barrel, the lowest since July 21, while Brent fell 1.4% to $80.27 a barrel, the lowest since July 21.
⚠️Warning: Trading contains elements of risk, please be careful when Making Orders, Market Recommendations are only for consideration.