Crude oil prices have affirmed their break below the 71.50 level, as confirmed by the closing figures below this threshold in the preceding session. This development signals an anticipated increase in negative pressure in the forthcoming sessions, with initial downside targets set at 70.00 and further extending to 67.04 subsequent to the breach of the aforementioned level.
A decisive break below 70.80 is deemed crucial, as it would instigate a robust negative momentum, reinforcing the continuation of the anticipated bearish trend scenario. Conversely, breaching the resistance at 72.20 could prompt the price to make efforts towards recovery, aiming for intraday gains and testing the key resistance at 73.73, although this would precede any subsequent attempt at a decline.
The expected trading range for today is forecasted to fluctuate between the support level of 69.80 and the resistance level of 72.70.
Today’s anticipated trend: Bearish
