Crude oil is under negative pressure

The (crude oil) declined in its last intraday trading, affected by the negative signs on the (RSI), after reaching overbought areas, which indicates losing the bullish momentum and might put more selling pressure on the price in the near period, this decline caused surpassing EMA50, intensifying the negative pressures and opening the way for more potential declines.

This decline came amid the continuation of the bearish correctional trend dominance on the short-term basis, as the markets need strong signs for near technical support to stop this decline, which increases the possibilities for completing the current bearish wave unless rebound signals appear or the price settles clearly.