Crude oil price is recovering – Analysis - 08-06-2023

Crude oil price ended yesterday positively to settle above 71.55, getting positive support by the EMA50, but we notice that the price faced solid resistance at 73.05, formed by the previously broken bullish trend line, accompanied by witnessing clear negative signals through stochastic.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms surpassing one of the above mentioned levels to detect its next destination clearly, noting that breaching the resistance will lead the price to achieve additional gains that start at 73.80 and extend to 76.10 after surpassing the previous level, while breaking the support represents negative factor that will push the price to decline again and head towards 70.00 followed by 68.75 levels mainly.

The expected trading range for today is between 70.50 support and 74.00 resistance.

The expected trend for today: Neutral