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Crude oil prices showed positive movement yesterday, reaching the $74.45 level. However, the price has started to lose bullish momentum, with the 50-period Exponential Moving Average (EMA50) exerting negative pressure. This suggests that the bearish trend may resume, potentially targeting the previously recorded low of $72.04.
Given this outlook, we anticipate a bearish trend today. Should the price exceed $74.20, it could lead to further gains, with the next resistance level at $75.00 before any potential decline.
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The expected trading range for today is between $72.00 (support) and $75.00 (resistance).
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Trend Forecast: Bearish
