Crude oil price within sideways track – Analysis - 27-01-2023

Crude oil price shows bullish bias to approach the key resistance 81.60, noticing that the price moves within sideways range between the mentioned resistance and 78.95 support as appears on the chart, to suggest the sideways bias on the intraday basis until the price manages to surpass one of the mentioned levels and detect the next destination clearly.

Note that breaching the resistance will push the price to achieve additional bullish correction that its next target reaches 84.25, while breaking the support will press on the price to decline and achieve negative targets that start at 77.10 and extend to 75.65.

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

The expected trend for today: Sideways