Crude oil prices declined in their last intraday trading, to break $63.50 key support, which represents the neckline of negative technical pattern that formed on short-term basis, which is the double top pattern, this decline was accompanied by the emergence of negative signals from relative strength indicators, after offloading its oversold conditions, opening the way for recording this decline.

On the other hand, the price remains benefited from the dynamic support that is represented by its trading above EMA50, reinforcing the stability and dominance of the main bullish trend, especially with its trading alongside minor trend line on short-term basis, keeping the chances of a recovery and a bullish rebound valid in the upcoming period.

Therefore, we expect crude oil to decline in upcoming intraday trading, if it settles below $63.50 to target $61.50 key support.

The expected trading range for today is between $61.50 support and $65.00 resistance.

Todays forecast: Bearish