Crude oil price attempts to recover – Analysis - 31-03-2020

Crude oil price traded with clear positivity yesterday to approach the key resistance 23.70, but it begins today bearish bias that hints the price head to resume the main bearish trend, noticing that stochastic provides negative signals that support the chances of declining in the upcoming sessions.

Therefore, we are waiting for negative trades today, and the targets begin at 22.15 and extend to 20.00, taking into consideration that breaching 23.70 will stop the expected decline and leads the price to achieve more gains on the intraday and short term basis.

The expected trading range for today is between 20.00 support and 24.50 resistance.

The expected trend for today: Bearish