Crude oil prices rose slightly during the latest intraday session, attempting to recover some of the recent losses. The rebound is supported by efforts to relieve clearly oversold conditions on the relative strength indicators, particularly with the emergence of positive overlapping signals, which provide temporary support for this intraday recovery.
However, this rise faces notable challenges. The short-term break of a minor bullish trend line, combined with continued negative pressure from trading below the EMA50, limits the potential for sustained recovery. As a result, the current gains may fluctuate or reverse if bullish momentum weakens.
Accordingly, we expect crude oil to decline in upcoming intraday trading, especially if the $60.50 resistance holds, with $58.70 as the next support target.
Expected trading range: $58.70 support – $60.50 resistance
Today’s forecast: Bearish
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