Crude oil price loses momentum – Analysis - 26-01-2023
Economies.com
2023-01-26 05:12AM UTC
Crude oil price provided sudden positive trades yesterday to retest the broken support of the bullish channel, and it kept its stability below it, to resume the negative attempts by today’s open, which keeps the bearish trend scenario valid on the intraday basis, supported by stochastic loss to the positive momentum, waiting to test 78.95 level initially.
We remind you that breaking the mentioned level will push the price to 77.25 as a next negative target, while the expected decline will remain valid conditioned by the price stability below 80.80.
The expected trading range for today is between 78.50 support and 81.60 resistance.
The expected trend for today: Bearish
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