Crude oil prices continue to decline in intraday trading, with technical factors indicating weakness in bullish momentum and seller dominance
RSI signals bearish trend after reaching overbought levels, suggesting further decline if resistance levels are not broken
Forecast predicts a decline in crude oil prices if they settle below $63.75, with a trading range between $62.00 support and $64.40 resistance.
The (crude oil) price kept declining in its last intraday trading, keeping its sharp bearish track alongside a minor bearish bias line on a short- term basis, and the selling pressures remain valid due to their stability below EMA50, these technical factors indicate the weakness of the bullish momentum and the continuation of the seller’s dominance on the trading.
The (RSI) began sending clear bearish signals, after reaching overbought levels, reinforcing the possibilities of the decline’s continuation in the upcoming period, especially if the price failed to break the near resistance levels.
Therefore, our expectations suggest a decline in (crude oil) prices in their upcoming intraday trading, if the price settles below $63.75, to target the support levels at $62.00.
The expected trading range is between $62.00 support and $64.40 resistance.
Today’s forecast: Bearish
