Crude oil price suffers more losses – Analysis - 15-03-2023

Crude oil price continued to decline strongly to reach the thresholds of the waited extended target at 70.30, and attempts to recover to show some bullish bias and settles around 72.25 now, affected by stochastic positivity, waiting to resume the negative trading and surpass the mentioned target to open the way to achieve additional negative targets that reach 68.50.

Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaching 73.60 will stop the current negative pressure and push the price to achieve additional gains and test 75.64 areas before any new attempt to decline.

The expected trading range for today is between 70.30 support and 73.75 resistance.

The expected trend for today: Bearish