Crude oil price approaches the first negative target – Analysis - 17-03-2021

Crude oil price traded with clear negativity yesterday to approach 63.55 level, but it bounced bullishly to settle above 64.55, noticing that stochastic loses its positive momentum clearly to reach the overbought areas, which form negative factor that we expect to press on the price to resume the decline, making the bearish trend suggested for the upcoming period, noting that the extended target reaches 62.50.

On the other hand, we should note that breaching 65.80 will stop the expected decline and lead the price to regain the main bullish trend again.

The expected trading range for today is between 63.30 support and 66.00 resistance.

The expected trend for today: Bearish