Crude oil price tests the resistance – Analysis - 17-03-2023

Crude oil price shows positive trades to test the key resistance 69.25, which urges caution from the upcoming trading, as breaching this level will lead the price to achieve additional gains and intraday bullish correction that targets testing 71.45 level before any new attempt to decline.

Stochastic loses its positive momentum clearly to show clear overbought signals now, while the EMA50 forms continuous negative pressure against the price.

Therefore, we will continue to suggest the bearish trend for the upcoming period as long as 69.25 level remains intact, reminding you that our next target is located at 65.70.

The expected trading range for today is between 67.00 support and 70.50 resistance.

The expected trend for today: Bearish