Crude oil price approaches the target – Analysis - 30-03-2023

Crude oil price bounced downwards clearly after approaching our waited target at 74.50, to test the key support base 72.50 now, accompanied by stochastic getting rid of its negative momentum clearly and reaching the oversold areas, which forms positive motive that we are waiting to assist to push the price to resume the correctional bullish wave, noting that the expected targets begin at 74.50 and extend to 76.90 after surpassing the previous level.

The positive effect of the double bottom pattern still active, and supports the continuation of the expected bullish trend scenario, noting that breaking 72.50 will stop the bullish wave and press on the price to attempt to return to the main bearish track again.

The expected trading range for today is between 71.50 support and 74.50 resistance.

The expected trend for today: Bullish