Crude oil price covers its losses – Analysis - 20-01-2023

Crude oil price settles around 80.75 after the strong rise that it witnessed yesterday, and we expect the continuation of the bullish bias to test 81.60 level as a next positive station, making the bullish bias suggested in the upcoming sessions.

Note that breaching the mentioned level will extend the bullish wave towards 82.70 followed by 84.25 levels as next positive stations, while breaking 80.20 will press on the price to decline and test 78.90 initially.

The expected trading range for today is between 79.25 support and 82.80 resistance.

The expected trend for today: Bullish