Crude oil price begins negatively – Analysis - 29-03-2021

Crude oil price opens today’s trading with strong negativity to start pressing on 59.85 level, which hints the price head to return to the correctional bearish track, but we prefer staying aside until we get clearer signal for the next trend, which we will get through breaking the mentioned support or breaching 61.25 resistance.

Note that breaking 59.85 will press on the price to continue the decline and head towards 57.45 followed by 54.85 levels as main negative targets, while breaching 61.25 represents the key to rally to regain the main bullish trend and achieve gains that start at 64.65.

The expected trading range for today is between 58.50 support and 61.50 resistance.

The expected trend for today: Neutral