Crude oil prices attempt to recover – Analysis - 21-03-2023

Crude oil price bounced upwards strongly after approaching 64.00 barrier, to achieve some bullish correction for the last decline that started from 80.84 areas, as the rise stopped at 23.6% Fibonacci correction level at 68.10, starting today with bearish bias that hints heading to resume the main bearish trend.

Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by stochastic loss to the positive momentum clearly, besides the negative pressure formed by the EMA50, noting that our next main target extends to 62.40.

On the other hand, we should note that breaching 68.10 will stop the expected decline and lead the price to achieve additional bullish correction that its next target reaches 70.55.

The expected trading range for today is between 64.50 support and 68.10 resistance.

The expected trend for today: Bearish