Crude oil price hits the first positive target – Analysis - 25-09-2023

Crude oil price managed to hit our waited initial target at 91.45, noticing that the price couldn’t continue the upside moves, to record a low top and provides signals for potential return to the bearish correctional track, waiting for testing 89.35 level initially, pointing that breaking this level will push the price towards 87.16 level as a next correctional target.

Therefore, we expect witnessing negative trading in the upcoming sessions, taking into consideration that breaching 91.45 will stop the expected decline and leads the price to resume the main bullish trend.

The expected trading range for today is between 88.80 support and 91.70 resistance.

The expected trend for today: Bearish