The (crude oil) declined in its last intraday trading, amid the dominance of the bearish correctional trend on the short-term basis, and the continuation of the negative pressure that comes from the stability of the trading below its EMA50, the price exit a negative technical formation by its last decline, which is represented by the bearish flag pattern, increasing the possibilities for resuming the decline.

The emergence of negative signals from the (RSI) reinforces this scenario, especially after reaching oversold levels, which indicates the weakness of the bullish momentum, and reinforces the chances for the continuation of the decline in the upcoming trading.

Therefore, we expect a decline in (crude oil) prices in the upcoming intraday trading, by breaking the support at $63.70, to target its next support at $59.75.

The expected trading range is between $61.50 support and $66.40 resistance.

Todays forecast: Bearish