Crude oil price attacks the channel’s support – Analysis - 14-01-2022

Crude oil price ended yesterday with clear negativity to attack the bullish channel’s support line, as it moves below this support now, but we notice that stochastic gains the positive momentum clearly, which encourages us to suggest resuming the bullish bias today, and the price needs to surpass 82.30 to return to the bullish channel and achieve new gains that reach 84.00 followed by 85.40.

Therefore, the bullish trend scenario will remain valid and active for the upcoming period as long as 81.40 level remains intact.

The expected trading range for today is between 80.50 support and 83.60 resistance.

The expected trend for today: Bullish