Crude oil prices extended their gains during recent intraday trading, reaching our morning target of retesting the key resistance level at $62.85, supported by the emergence of positive signals from the (RSI) indicators.

However, we observe that the RSI has reached extremely overbought levels compared to the price movement, which is a bearish signal indicating a loss of positive momentum surrounding the price, amid the continued downward pressure as the price trades below its EMA50, and under the control of the overall short-term downtrend.

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