Crude oil price is currently settled below the 73.73 level, encountering solid resistance at this point. Stochastic indicators show a loss in positive momentum and are signaling overbought conditions. Given these factors, there is a belief that the price is likely to experience a bearish rebound, resuming the downward wave in the upcoming sessions.
The anticipated bearish momentum aims to drive the crude oil price towards key levels at 71.40 and 70.00. This bearish bias is supported by the negative pressure created by the EMA50. However, it’s crucial to monitor the 73.73 level as a decisive breach could halt the expected decline and prompt the price to attempt a bullish trend recovery, targeting 75.45 initially.
The expected trading range for today is between the support level at 71.70 and the resistance level at 74.50.
In summary, the outlook for today favors a bearish trend in crude oil prices, contingent upon the ability to break below the critical support level at 73.73.
