Crude oil price crawls towards the first target – Analysis - 18-09-2023

Economies.com
2023-09-18 04:02AM UTC

Crude oil price keeps rising inside the bullish channel that appears on the chart, finding solid resistance at 91.00$ barrier, waiting to get positive momentum that assist to push the price to continue the rise and head towards our first target that rises now to 92.25.

 

Therefore, the bullish trend scenario will remain valid and active for the upcoming period, and breaching the targeted level will extend the bullish wave to 93.00 direct, noting that breaking 90.20 will stop the bullish trend and push the price to start bearish correction on the intraday basis.

 

The expected trading range for today is between 89.80 support and 92.80 resistance.

 

The expected trend for today: Bullish

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