Crude oil price is recovering – Analysis - 01-02-2023

Crude oil price’s decline stopped at 76.40, to rebound upwards strongly and test the key resistance 78.95, to hint the attempt to return to the correctional bullish track, but it faces negative pressures formed by the technical indicators, which hinders the mission to rise.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms its next destination clearly, noting that confirming breaching 78.95 will push the price to achieve additional gains that reach 81.60, while consolidating below it will press on the price to resume the main bearish track that its next target located at 75.65.

The expected trading range for today is between 77.20 support and 80.80 resistance.

The expected trend for today: Neutral