The (Crude oil) price declined in its last intraday trading, affected by surpassing a bullish correctional channel that was supporting its previous moves on a short-term basis, which increased the selling pressure on the price.

This decline came due to the continuation of the trading below the EMA50, indicating clearly the continuation of the negative behavior of the price, after it succeeded in its previous trading in offloading its oversold conditions on the (RSI).

Therefore, our expectations suggest the decline in (crude oil) prices in the upcoming intraday trading, if it settles below $61.25, to target the support level at $60.00, and there are strong chances for breaking it.

The expected trading range is between $60.00 support and $61.80 resistance.

Todays forecast: Bearish

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