Crude oil price within sideways track – Analysis - 30-05-2023

Crude oil price fluctuates within sideways range between 71.55 support and 73.80 resistance, finding difficulty to exit this range, to suggest the continuation of the sideways move until the price manages to surpass one of these levels to detect its next destination clearly.

Note that breaching the mentioned resistance will push the price to build bullish wave on the intraday and short term basis, to head towards achieving gains that start at 76.10 and extend to 78.90, while breaking the support represents negative factor that will push the price to resume the main bearish trend and head towards 68.75 as a next main target.

The expected trading range for today is between 71.00 support and 74.70 resistance.

The expected trend for today: Sideways