Crude oil prices resume the decline – Analysis - 20-03-2023

Crude oil price continued to decline strongly to reach the recorded low at 65.67, presses negatively on it, which supports the chances of continuing the expected bearish trend on the short term and medium term basis, and we suggest visiting 64.00 level in the upcoming sessions.

The EMA50 forms continuous negative pressure against the price to support the continuation of the expected bearish wave, noting that holding below 67.95 represents the first condition to continue the bearish wave, as breaching it will push the price to achieve intraday gains that target testing 69.25 level again before any new attempt to decline.

The expected trading range for today is between 64.50 support and 68.00 resistance.

The expected trend for today: Bearish