Crude oil price within positive pattern – Analysis - 03-01-2022

Crude oil price faced intraday negative pressures in the previous sessions, but we notice that the recent trades are confined within minor bearish channel that we believe it forms bullish flag pattern, thus, breaching 76.75 will activate the positive effect of this pattern and lead the price to resume the main bullish trend, which targets 79.80 as a next main station.

Therefore, we will continue to suggest the overall bullish trend, affected by the previously completed double bottom pattern, noting that breaking 74.85 will press on the price to achieve additional decline and retest 73.60 areas before any new attempt to rise.

The expected trading range for today is between 74.50 support and 77.50 resistance.

The expected trend for today: Bullish