The (crude oil) settled on a slight decline in its last intraday trading, affected by the pressure of a strong resistance at $63.50, besides the emergence of the negative signals on the (RSI), which reverse the attempts of offloading the overbought conditions.

The price gets technical support from its lean on the EMA50, accompanied by the continuation of the bullish correctional trend domination on the short-term basis and its trading alongside a bullish bias line, providing a chance for building a new bullish momentum that might push it to resume the rise in case breaching the mentioned resistance.

Therefore, our expectations suggest a rise in (crude oil) prices in the upcoming intraday trading, conditioned by the stability of the support level at $61.40, to target the resistance level at $63.50.

The expected trading range is between $61.70 support and $63.50 resistance.

Todays forecast: Bullish