Crude oil prices are expected to decline in upcoming intraday trading, with a target of $60.90 support after breaking the $62.00 support level.
The analysis suggests a bearish trend for crude oil prices, with a trading range between $60.90 support and $63.30 resistance.
The (crude oil) price declined in its last intraday trading, approaching from the critical support at $62.00, amid the dominance of the bearish track on the short-term basis, besides the trading alongside a supportive bias line for this trend, this decline indicates the continuation of the selling powers’ dominance and attempt to put more pressure on the trading.
Besides the stability below EMA50, reinforcing the weakness of bullish momentum and increasing the possibilities for continuing the decline. The (RSI) support this scenario after the emergence of negative signals, easing the way for breaking $62.00support and moving lower.
Therefore, we suggest a decline in (crude oil) prices in the upcoming intraday trading, especially when breaking the mentioned support at $62.00, to target the initial support level at $60.90.
The expected trading range is between $60.90 support and $63.30 resistance.
