Crude oil price continues to recover – Analysis - 22-03-2021

Crude oil price’s rise stopped near 62.00$ barrier, settling around 61.00 now, to face contradiction between the technical factors, which makes us prefer staying aside until we get clearer signal for the next trend.

Note that breaching 61.60 and holding above it will lead the price to achieve more gains that reach 63.10 as a next main station, while breaking 60.60 represents negative factor that will press on the price to resume the correctional bearish scenario, to start the negative targets at 59.20 followed by 58.00.

The expected trading range for today is between 59.85 support and 62.50 resistance.

The expected trend for today: Neutral