Crude oil prices settled on sharp gains in intraday trading, aiming to offload overbought conditions on the RSI and confirm breaching the critical resistance level at $68.45
The bullish trend on a short-term basis is dominant, with positive pressure from trading above EMA50 supporting the stability of the bullish track
The (crude oil) price settled on sharp gains in its last intraday trading, to gather the gains of its previous rises, in attempt to offload some of the clear overbought conditions on the (RSI), especially with the beginning of negative overlapping signals appearance, this behavior might provide a chance for gathering the required chance for gathering the required positive momentum to confirm breaching the critical resistance level at $68.45.
This comes amid the dominance of the bullish trend on the short-term basis and its trading alongside a supportive bias line for the trend, with the continuation of the positive pressure that comes from its trading above EMA50, forming an extra factor that supports the stability of the bullish track on a near-term basis.
