Crude oil price gathers the positive momentum – Analysis - 14-01-2021

Crude oil price traded negatively yesterday to break the intraday bullish channel’s support line, heading towards achieving some bearish correction, but we notice that stochastic shows positive signals that might assist to push the price to rise again, which encourages us to suggest the bullish bias in the upcoming sessions, targeting heading towards 54.62 followed by 56.00 levels as next positive targets.

On the other hand, we should note that breaking 52.00 will stop the expected rise and press on the price to achieve bearish correction that targets testing 51.30 level initially before any new attempt to rise.

The expected trading range for today is between 52.00 support and 54.60 resistance.

The expected trend for today: Bullish