Crude oil price under the negative pressure – Analysis - 24-02-2021

Crude oil price bounced downwards clearly after reaching 63.00 barrier, to break the intraday bullish channel’s support line and settles below it, but we notice that stochastic got rid of its negative momentum to reach the oversold areas, while the EMA50 provides continuous positive support to the price.

Therefore, these factors encourage us to suggest the bullish trend for today, and the targets begin by breaching 62.30 to pave the way to head towards 65.60 that represents our next main station, noting that breaking 60.30 will stop the expected rise and press on the price to start correctional bearish wave that targets testing 58.60 areas before any new attempt to rise.

The expected trading range for today is between 60.00 support and 63.00 resistance.

The expected trend for today: Bullish