Crude oil price faces contradicted factors – Analysis - 23-07-2019

Crude oil price moves within minor bullish channel that might carry the price to test the key resistance 57.33, but on the other hand, this channel will form a bearish flag pattern in case breaking its support line at 55.70, thus, we prefer continuing neutral until the price confirms its next destination clearly, waiting to surpass one of the mentioned levels to detect the next destination clearly.

Note that breaking 55.70 support will put the price under negative pressure that its targets begin by testing 54.47 level, while breaching 57.33 resistance will lead the price to achieve additional gains and regain the main bullish trend, to start the positive targets at 60.00 followed by 60.86.

The expected trading range for today is between 54.47 support and 58.33 resistance.

The expected trend for today: Neutral