Crude oil price is recovering – Analysis - 22-09-2023

Crude oil price didn’t hold for long time below 89.35, to rally upwards strongly and surpass 90.15 level and settles above it, which stops the negative scenario suggested yesterday and lead the price to attempt to regain the main bullish trend again, on its way to achieve positive targets that start at 91.45 and extend to the recently recorded high at 92.92 as next main stations.

Therefore, we expect to witness more rise in the upcoming sessions, supported by the EMA50 that carries the price from below, noting that breaking 89.35 will stop the expected bullish trend and put the price under the correctional bearish pressure again.

The expected trading range for today is between 89.50 support and 92.50 resistance.

The expected trend for today: Bullish