Crude oil prices under the negative pressure – Analysis - 24-03-2023

Crude oil price attempted to breach 70.55 but it couldn’t manage to hold for long time above it, to rebound bearishly and face strong negative pressure that pushes the price to head towards testing the key support 68.10, and we suggest the continuation of the bearish bias to surpass this level and achieve additional decline that its next target reaches 66.20 areas.

Therefore, the bearish trend will be expected for today, supported by moving below the EMA50, noting that breaching 70.55 again will push the price to achieve additional bullish correction that its next target located at 72.50.

On the other hand, we should note that failing to achieve the required breach will press on the price to decline and test the key support base 68.10 initially.

The expected trading range for today is between 67.20 support and 70.55 resistance.

The expected trend for today: Bearish