Crude oil price begins with strong bullish gap – Analysis - 03-04-2023

Crude oil price opened today’s trading with strong bullish gap to surpass our positive target at 76.90 and settles at the recently recorded high at 80.84, affected by the sudden decision of OPEC+ countries to cut productions, which leads the price to cover the losses that it suffered recently, but it faces solid resistance at the last level, besides clear negative signals through stochastic, which might put the price under negative pressure in the upcoming sessions.

Therefore, the contradiction between the technical factors and the big gap that appeared make us prefer to stay aside until we get clearer signal for the next trend, and we need to monitor the price behavior according to 80.84 level to confirm the next destination.

Note that consolidating below this level will press on the price to rebound bearishly and achieve negative targets that start by testing 78.25 areas, while breaching it will push the price to achieve additional gains that reach 83.25.

The expected trading range for today is between 78.30 support and 81.60 resistance.

The expected trend for today: Neutral