Crude oil price faces contradicted factors – Analysis - 31-03-2021

Crude oil price found solid support at 59.85, to start providing positive trades in attempt to test the key resistance 61.25, affected by stochastic positivity, which contradicts the negative pressure formed by the EMA50 against the price.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, noting that the continuation of the rise and surpassing 61.25 will reactivate the bullish trend scenario that its next target located at 63.30, while breaking 59.85 represents negative factor that will press on the price to achieve negative targets that start at 58.00.

The expected trading range for today is between 59.30 support and 62.00 resistance.

The expected trend for today: Depends on the above mentioned levels