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Crude oil price keeps achieving the negative targets – Analysis - 23-02-2023
Crude oil price traded with strong negativity yesterday to succeed achieving our second waited target at 74.35, and we notice that the price surpassed this level to settle below it, reinforcing the expectations of continuing the domination of the bearish trend in the upcoming sessions, waiting to head towards 70.30 as a next main target.
Therefore, we are waiting for more expected decline on the intraday basis, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 75.65 will stop the suggested negative scenario and lead the price to start recovery attempts that target testing 77.40 areas initially.
The expected trading range for today is between 72.40 support and 75.65 resistance.
The expected trend for today: Bearish
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