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Crude oil price is recovering – Analysis - 24-02-2023
Crude oil price couldn’t manage to break 73.75 level, to rebound upwards strongly and attack 75.65 level, noticing that the price begins today with more positivity to breach this level, which hints heading to recover and return to the correctional bullish track again.
The technical indicators provide negative signals that might hinder the mission to rise and force the price to decline again, which makes us prefer to stay aside now until the price confirms its situation according to 75.65 level.
Note that confirming the breach and building support base above the mentioned level will lead the price to achieve more gains and head towards 77.40 areas initially, while breaking it and trading below it again will press on the price to resume the bearish trend that its next main target reaches 70.30.
The expected trading range for today is between 74.00 support and 77.60 resistance.
The expected trend for today: Neutral
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