Crude oil prices declined after bouncing off critical support at $62.00, facing negative pressure from EMA50 resistance and a minor bearish wave.
The (crude oil) price declined in its last intraday trading, after it managed to offload the clear oversold levels on the (RSI), taking advantage of its stability at the critical support at $62.00, providing some of the positive momentum that helped it to bounce higher temporarily.
The price reached the resistance of its EMA50, putting it under negative pressure that returns the dominance of the sellers, especially with the continuation of the minor bearish wave on the short-term basis, reinforcing the possibilities of resuming the decline towards new support levels.
