Midday update for Crude oil 20-03-2023

Economies.com
2023-03-20 10:43AM UTC

Crude oil price managed to break 65.67 level to succeed reaching our waited negative target at 64.00, and we expect the continuation of the bearish bias in the upcoming sessions to surpass this level and open the way to head towards 62.40 as a next main station.

 

Therefore, our bearish overview will remain valid for today, supported by the negative pressure formed by the EMA50, noting that holding below 65.67 represents the first condition to continue the suggested decline.

 

The expected trading range for today is between 63.50 support and 65.50 resistance.

The expected trend for today: Bearish

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