Crude oil price hits the target – Analysis - 27-05-2022

Crude oil price rallied upwards strongly to succeed achieving our waited target at 113.70 and settles around it, noticing that the recent trades are confined within bullish flag pattern that appears on the minor image, thus, breaching the mentioned level will provide good positive motive that will push the price to achieve additional gains that reach 117.00 followed by 119.35.

Therefore, we expect to witness more rise in the upcoming sessions, taking into consideration that failing to breach 113.70 will press on the price to rebound bearishly and head to visit 109.14 areas again before any new attempt to rise.

The expected trading range for today is between 111.50 support and 117.00 resistance.

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The expected trend for today: Bullish