Crude oil price activates the positive scenario – Analysis - 24-05-2023

Crude oil price ended yesterday with clear positivity, to settle around 73.85 level, starting today with an attempt to breach this level, to reinforce the chances of continuing the bullish bias in the upcoming sessions, paving the way to head towards 76.10 areas as a next main station.

Therefore, we expect to witness more rise on the intraday and short term basis, supported by moving above the EMA50, noting that achieving the waited breach will complete forming double bottom pattern that has additional positive targets that reach 78.90, taking into consideration that failing to breach 73.80 will press on the price to rebound bearishly and head to test 72.60 followed by 71.55 areas before any new attempt to rise.

The expected trading range for today is between 72.20 support and 75.50 resistance.

The expected trend for today: Bullish