Crude oil price resumes the rise – Analysis - 19-09-2023

Crude oil price resumes its positive trades to continue chasing the first positive target that rises now to 92.45, which represents the main bullish channel’s resistance line that appears on the chart, noting that moving inside the minor bullish channel supports the chances of surpassing the mentioned level followed by opening the way to achieve additional gains that reach 95.00.

Therefore, the bullish trend scenario will remain suggested for the upcoming period, noting that breaking 91.00 will stop the expected rise and push the price to start bearish correction on the intraday basis.

The expected trading range for today is between 90.40 support and 93.50 resistance.

The expected trend for today: Bullish