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Crude oil prices tested the $75.00 level but remained below it, setting the stage for a potential resumption of bearish trends in the coming sessions. This movement follows the completion of a double top pattern, with the next key target positioned at $72.04.
The 50-day Exponential Moving Average (EMA50) supports the continuation of the bearish trend. However, if prices breach the $75.00 mark, this would halt the anticipated decline and could lead to a recovery, with potential gains aiming for the $76.86 area in the near term.
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Today’s anticipated trading range for crude oil is between $72.60 on the support side and $75.60 on the resistance side.
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Trend Forecast: Bearish
