Crude oil price under the negative pressure – Analysis - 14-03-2023

Crude oil price resumed its negative trades clearly to move away from 75.64 level, reinforcing the chances of activating the negative scenario on the intraday and short term basis, opening the way to achieve negative targets that start by surpassing 73.70 to open the way to head towards 70.30 areas.

Therefore, we expect to witness more decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 75.64 will stop the expected bearish trend and lead the price to start bullish wave and attempts to recover on the intraday basis.

The expected trading range for today is between 71.80 support and 75.20 resistance.

The expected trend for today: Bearish