Midday update for Crude oil 06-06-2023
Economies.com
2023-06-06 09:11AM UTC
Crude oil price traded with strong negativity to break 71.55 level and activate the negative scenario in the upcoming sessions, making the bearish bias suggested for the rest of the day, targeting visiting 70.00 followed by 68.75 areas mainly.
Moving below the EMA50 supports the continuation of the bearish trend on the intraday basis, noting that breaching 71.55 and holding above it will stop the current negative scenario and push the price to start new recovery attempts.
The expected trading range for today is between 69.50 support and 71.50 resistance.
The expected trend for today: Bearish for the rest of the day
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