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Crude oil prices resumed their downward trajectory, experiencing negative trade after testing the 73.73 level yesterday. The market successfully achieved the initial projected target at 72.20, with further decline anticipated towards the next downside milestone at 70.00.
The bearish momentum is clearly defined within a bearish channel, well-supported by the EMA50. It’s crucial to note that exceeding the outlined target could propel prices towards the previous low at 67.04. The prevailing bearish trend remains intact unless a significant rally occurs, breaking the 73.73 level and sustaining a position above it.
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For today, the expected trading range is between the support at 70.50 and the resistance at 73.50.
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Expected Trend for Today: Bearish
