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Crude oil prices have started the day with continued negativity, breaching the $74.00 level and reinforcing the prevailing bearish trend. This movement suggests a further decline toward the recent low of $72.04, which is now the next key target.
The outlook remains bearish for the near term, influenced by the formation of a double top pattern on the chart. The persistence of this bearish trend hinges on the price remaining below $75.00. A breach of this level could alleviate current negative pressure and potentially trigger a bullish reversal on an intraday basis.
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Today’s expected trading range is between support at $71.70 and resistance at $74.70.
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Trend Forecast: Bearish
