Midday update for Crude oil 24-01-2023

Economies.com
1 week ago

Crude oil price faces negative pressure to approach testing the bullish channel’s support line, and as we mentioned this morning, the price needs to hold above this support at 80.20 to keep the bullish trend active for today, as breaking it will push the price to achieve additional decline that targets 78.95 before any new attempt to rise, while breaching 81.60 represents the key to rally towards our next positive targets that start at 82.70 followed by 84.25.

 

The expected trading range for today is between 80.20 support and 83.20 resistance.

The expected trend for today: Bullish

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