Crude oil price faces solid resistance – Analysis - 06-06-2023

Crude oil price bounced downwards strongly after finding solid resistance at 73.80 level, to test the key support 71.55 and settles there, noticing that the technical indicators provide positive signals that support the strength of the current support areas, making the chances valid to trade positively in the upcoming sessions.

Now, we suggest witnessing sideways trades between the above mentioned levels, waiting to surpass one of them to detect its next destination clearly, noting that breaching the resistance will push the price to achieve additional gains that reach 76.10, while breaking the support represents negative factor that will push the price to decline towards 70.00 followed by 68.75 levels as main negative targets.

The expected trading range for today is between 70.00 support and 73.80 resistance.

The expected trend for today: Sideways