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Crude oil prices encountered significant negative pressure yesterday, breaking through the $71.95 mark and testing the crucial support level at $70.44. This level serves as the breached neckline of an inverted head and shoulders pattern on the chart, indicating a potential resumption of the bullish correction. Analysts are eyeing the next targets at $71.95, followed by $73.48.
However, it is important to note that a drop below $70.44 would negate the bullish trend, potentially leading to the formation of a bearish wave with an initial target of $68.55.
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The expected trading range for today is set between a support level of $69.20 and a resistance level of $72.20.
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Trend Forecast: Bullish
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