Crude oil price under the negative pressure – Analysis - 16-03-2021

Crude oil price faced strong negative pressure yesterday to break 65.15 and test the key support 64.55, which hints the price head to achieve new bearish correction, but we notice that the EMA50 protects the price from suffering more losses, which makes us prefer staying aside until we get clearer signal for next trend.

Note that breaking 64.55 will press on the price to achieve additional decline that targets 63.55 followed by 62.50 levels as next negative stations, while breaching 65.80 resistance represents te key to resume the main bullish trend that its first target located at 67.85.

The expected trading range for today is between 63.30 support and 66.50 resistance.

The expected trend for today: Neutral