Crude oil price touches the target – Analysis - 23-01-2023

Crude oil price managed to touch 81.60 level and faces solid resistance there, to show some temporary slight bearish bias, waiting to get positive momentum that assists to push the price to surpass the mentioned level and achieve new gains that extend to 82.70 followed by 84.25.

Therefore, we will continue to suggest the bullish trend for the upcoming period, organized inside the bullish channel that appears on the chart, noting that failing to breach 81.60 will press on the price to test 79.50 – 78.90 levels before any new positive attempt.

The expected trading range for today is between 79.50 support and 83.00 resistance.

The expected trend for today: Bullish