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Crude oil prices have confirmed a breach of the $75.00 level, closing below it yesterday. This development solidifies the bearish trend, bringing the price close to the first extended target of $74.00. Further declines are anticipated, with additional negative targets set at $73.60 and $72.85.
The bearish outlook is supported by the negative implications of the double top pattern. However, if the price breaks above $75.00, it could halt the current downward pressure, potentially leading to a recovery and intraday gains with an initial target of $76.86.
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Today’s anticipated trading range is between $72.50 for support and $75.50 for resistance.
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Trend Forecast: Bearish
