Crude oil price within symmetrical triangle – Analysis - 23-05-2023

Crude oil price’s decline stopped around 70.70, to rebound bullishly and move above 72.00 barrier, to move confined within symmetrical triangle that its signs appear on the chart, its lines represented by 70.90 support and 72.70 resistance, which means that the price needs to surpass one of these levels to detect its next destination clearly.

Therefore, we prefer to stay aside until we get clearer signal for the next trend, and the contradiction between the technical indicators provide another reason for neutrality, noting that breaching the mentioned resistance will push the price to recover and build bullish wave that its targets start at 73.80 and extend to 76.10, while breaking the support represents negative factor that will push the price to decline towards 68.75 direct.

The expected trading range for today is between 70.50 support and 74.10 resistance.

The expected trend for today: Neutral