Crude oil price hits the extended negative targets – Analysis - 19-03-2021

Crude oil price continued the strong decline to touch our extended negative target at 59.20, noticing that the price closed the daily candlestick below 23.6% Fibonacci correction level for the rise measured from 33.61 to 67.95, which hints the price head to achieve more bearish correction on the longer term basis, as the next main target is located at 54.85.

Therefore, the bearish trend will remain suggested for the upcoming period, taking into consideration that consolidating above 59.85 will stop the negative scenario and lead the price to start recovery attempts that target testing 62.90 areas initially.

The expected trading range for today is between 58.00 support and 61.50 resistance.

The expected trend for today: Bearish