Crude oil price under the negative pressure – Analysis - 25-01-2023

Crude oil price traded with strong negativity yesterday to break the bullish channel’s support line and settles below it, to fall under expected negative pressure in the upcoming sessions, targeting testing 78.95 areas mainly.

Therefore, the bearish bias will be suggested for today, noting that breaking the mentioned level will extend oil price losses to reach 77.25 areas on the near term basis, while breaching 80.80 represents the key to return to resume the correctional bullish track again.

The expected trading range for today is between 78.50 support and 81.60 resistance.

The expected trend for today: Bearish