Crude oil price surpasses the resistance – Analysis - 13-03-2023

Crude oil price returned to rise strongly to confirm breaching 75.64 level, and attempts to achieve some gains on the intraday basis, while it faces contradiction between the technical factors that makes us prefer to stay aside until we get clearer signal for the next trend, and the price needs to breach 77.55 resistance or break 75.64 support line to detect its next targets clearly.

Note that the continuation of the rise and breaching the mentioned resistance will push the price to achieve additional gains that target testing 78.90 as a next station, while breaking the support represents negative factor that will press on the price to resume the bearish wave that its next main target located at 73.60.

The expected trading range for today is between 75.10 support and 78.50 resistance.

The expected trend for today: Neutral