Midday update for Crude oil 23-03-2023
Crude oil price fluctuates around the EMA50, and finds solid resistance at 70.55, noticing that stochastic continues to gather the positive momentum, waiting to resume the correctional bullish wave and breach the mentioned level to open the way to head towards 72.50 as a next target.
Therefore, the bullish trend scenario will remain valid for today as long as 69.55 level remains intact, as breaking this level will press on the price to test the key support 68.10 before any new attempt to rise.
On the other hand, we should note that failing to achieve the required breach will press on the price to decline and test the key support base 68.10 initially.
The expected trading range for today is between 68.30 support and 72.00 resistance.
The expected trend for today: Bullish
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