Crude oil price is recovering – Analysis – 04-01-2024

Crude oil price settles above the EMA50 after the strong bullish rally that it witnessed yesterday, to hint the attempt to recover and turn to rise, but we notice that stochastic shows clear negative signals that might force the price to decline again.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaching 73.73 resistance will lead the price to continue the rise an build bullish wave that targets 75.90 followed by 77.86 areas as next main stations, while breaking 71.90 support represents the key to return to the bearish track and head to test 70.00$ barrier initially.

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