Crude oil price attempts to recover – Analysis - 23-04-2021

Crude oil price bounced bullishly after leaning on the intraday bullish channel’s support line that appears on the chart, to start testing the key resistance 62.20, to hint the attempt to regain the bullish trend, but we need a confirmed breach to the mentioned resistance to reinforce the chances of achieving more gains.

Therefore, we prefer staying neutral temporarily until we get clearer signal for the next trend, noting that breaching 62.20 resistance will lead the price to achieve positive targets that start at 64.15 and extend to 66.60, while breaking 60.60 support represents negative factor that will press on the price to test 59.85 level initially.

The expected trading range for today is between 60.60 support and 63.00 resistance.

The expected trend for today: Neutral