In the latest price analysis, crude oil extends its decline by breaking below the $75.25 level, continuing the downward trend observed in the previous session. Today, the price exhibits further depreciation, with the next target identified at $73.15. Analysts anticipate continued downward movement, with a potential revisit to the previous low at $71.35.
Expectations lean towards a sustained bearish bias in upcoming trading sessions. However, it’s important to note that a breach above the $75.25 level would alleviate the current downward pressure, potentially prompting a corrective upward movement to recoup recent losses.
Traders should anticipate trading within the range bounded by support at $72.00 and resistance at $75.00.
Trend Forecast: Bearish
