Crude oil price confirms the breach – Analysis - 25-05-2023

Crude oil price managed to confirm breaching 73.80 level after closing the daily candlestick above it, to support the continuation of the bullish wave on the intraday and short term basis, which targets 76.10 as a next main station.

By taking a deeper look at the chart, we find that the price completed forming double bottom pattern after breaching 73.80 level, which has positive targets that extend to reach 78.90 areas.

Therefore, we expect to witness more bullish bias in the upcoming sessions supported by the EMA50, noting that breaking 73.80 and holding below it will put the price under intraday negative pressure to head towards testing 71.55 areas before any new attempt to rise.

The expected trading range for today is between 72.80 support and 76.10 resistance.

The expected trend for today: Bullish