Crude oil price hits the target – Analysis - 05-06-2023
Crude oil price opened today with strong rise to touch our waited target at 73.80, affected by the Saudi Arabia decision to decrease oil productions, noticing that the price is facing solid resistance at the mentioned level to show some bearish bias, and we suggest resuming the bullish bias to surpass the mentioned level and open the way to achieve additional gains that reach 76.10.
Therefore, the bullish trend will remain valid and active for the upcoming period, it might be preceded by some bearish bias affected by stochastic negativity, taking into consideration that breaking 71.55 will stop the expected rise and push the price to turn to decline.
The expected trading range for today is between 71.20 support and 74.50 resistance.
The expected trend for today: Bullish
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