Crude oil price heads towards more decline – Analysis - 16-03-2023

Crude oil price continued to decline to reach 66.00$ barrier, noticing that the price attempts to recover and achieve some gains, to test 68.00 level now, but it falls under negative pressure formed by the EMA50, to push the price towards achieving more expected decline in the upcoming sessions.

By taking a deeper look at the chart on the longer term basis, we find that the price completed forming head and shoulders’ pattern that has negative targets that go far towards 48.50 areas initially, and extend to 30.15 after surpassing the previous level, noting that these levels represent correctional levels for the bullish wave that appears on the chart.

Therefore, we suggest the continuation of the bearish trend domination on the short term and medium term basis, taking into consideration that the continuation of the rise and breaching 69.25 will push the price to achieve additional gains and test 71.45 before any new attempt to decline.

The expected trading range for today is between 65.70 support and 69.50 resistance.

The expected trend for today: Bearish