Crude oil prices edged higher during intraday trading, attempting to recover a portion of recent losses. However, the broader short-term trend remains firmly bearish.
Despite the initial upward momentum, the recovery effort appears to be losing steam. The price failed to break through the key resistance level at $63.00, a critical barrier for further upside movement. This coincides with the formation of a negative crossover on the Relative Strength Index (RSI), suggesting that the recent exit from oversold territory may be short-lived.
The combination of stalled momentum and renewed technical pressure reinforces the likelihood of continued downside movement unless a decisive break above resistance is achieved.
Outlook: Bearish Bias Persists Below $63.00 Resistance
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