Crude oil price attempts to recover – Analysis - 26-07-2022

Crude oil price surpassed 95.40 level and settled above it, starting today with clear positivity to test the bearish channel’s resistance, located now at 96.85, which makes us prefer to stay aside temporarily until the price confirms surpassing one of the mentioned levels to detect the next destination clearly.

Note that breaching the mentioned resistance will push the price to achieve additional gains that start at 98.25 and extend to 100.00 after surpassing the previous level, while breaking the support line formed at 95.40 will put the price under the negative pressure again, to head towards 91.50 followed by 89.60 areas on the near term basis.

The expected trading range for today is between 93.50 support and 100.00 resistance.

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The expected trend for today: Depends on the above mentioned levels