Crude oil prices closed yesterday on a negative note, breaking below the $73.70 level and dropping directly to $72.15. The market is starting today with further declines, as prices have settled below this key level. A closer examination of the chart reveals the formation of a double top pattern, which is expected to trigger additional downward movement in the coming sessions, with anticipated targets of $70.58 and $68.65.
As a result, we foresee a continuation of the bearish trend on an intraday basis. It is important to note that if prices breach the $72.15 mark, this could halt the current negative momentum and lead to a potential recovery.
Traders should anticipate today’s price range to fluctuate between a support level of $70.00 and a resistance level of $73.00.
Trend Forecast: Bearish
