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Crude oil prices experienced a negative move yesterday, pulling back from the $68.64 level and reinforcing expectations of continued bearish momentum in the near term. The focus now shifts to testing the $67.00 level, with a break below this mark potentially driving prices toward the previously recorded low of $65.51.
The 50-day Exponential Moving Average (EMA) continues to exert downward pressure, supporting the bearish outlook. This trend will remain in play unless prices break above the $64.64 and $69.15 levels and sustain trading above them.
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Today’s expected trading range is between $66.30 for support and $69.30 for resistance.
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Trend Forecast: Bearish
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