Crude oil prices rose in last intraday trading, attempting to recover some recent losses
Despite the rise, the overall scenario remains bearish with negative pressure due to trading below EMA50
The (crude oil) price recorded a rise in its last intraday trading, supported by its stability at the support level of $63.35, which represents the potential target in our previous reports. This technical rebound provided positive momentum and helped the price to reduce its last losses, in attempt to recover some of the recent declines.
Despite this rise, the overall scenario remains under the dominance of minor bearish wave on the short-term basis, besides the continuation of the negative pressure due to the trading below EMA50, and the (RSI) show negative signals after their reach to overbought levels, indicating the weakness of the current rise.
