FX.co ★ Technical analysis of Crude Oil for July 24, 2023

After testing the 50% corrective target at 64.75, crude oil looks set for a test of short-term important resistance at 83.53. Only a break above this resistance will confirm the corrective decline from 130.50 has been completed and renewed upside progress should be expected towards 94.00 and then, the former peak at 130.50. Ultimately, we expect crude oil to break above resistance at 130.50 too for a rally towards 200, but for now, we should focus on resistance at 83.53 and a possible break above here.