Crude oil price under the negative pressure – Analysis - 22-05-2023

Crude oil price faced clear negative pressure in the previous sessions to attack 71.55 level, and begins today with new negativity to break this level and close the last four hours’ candlestick below it, to fall under more expected negative pressure in the upcoming sessions and head towards achieving decline that its targets begin at 70.75 and extend to 68.75 after breaking the previous level.

Therefore, the bearish bias will be expected for today, supported by moving below the EMA50, noting that breaching 71.55 and holding above it will motivate the price to attempt to recover and achieve gains that reach 73.80.

The expected trading range for today is between 69.40 support and 72.50 resistance.

The expected trend for today: Bearish