Crude oil price under the negative pressure – Analysis - 26-05-2023

Economies.com
2023-05-26 04:12AM UTC

Crude oil price settled at 71.55 level after the strong decline that it witnessed yesterday, and we suggest breaking this level to open the way to continue the decline on the intraday basis, noting that the next negative station is located at 70.00.

 

Therefore, we are waiting for more expected bearish bias in the upcoming sessions supported by moving below the EMA50, taking into consideration that failing to break 71.55 will lead the price to build new bullish wave that its targets begin by testing 73.80 areas.

 

The expected trading range for today is between 69.70 support and 73.10 resistance.

 

The expected trend for today: Bearish

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