Crude oil price approaches the first target – Analysis - 06-04-2021

Crude oil price declined strongly yesterday to approach our first waited negative target at 57.25, showing some bullish bias affected by stochastic positivity, noticing that the EMA50 continues to press negatively on the price, waiting to resume the bearish trend that its targets extend to reach 54.85.

Therefore, we will keep our bearish overview unless the price rallied to breach 59.85 followed by 60.65 levels and holding above them.

The expected trading range for today is between 57.60 support and 60.65 resistance.

The expected trend for today: Bearish