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Crude oil prices have reached our initial target of $72.64, where they have found solid support. Currently, the price is trading within a bearish pennant pattern on the chart. To trigger the negative impact of this pattern and move towards the next target of $70.45, the price needs to break below $72.95.
We maintain a bearish outlook for the near term. However, if the price breaks above $73.95, it would invalidate the current bearish trend and potentially shift the market towards a bullish phase.
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Today’s expected trading range is between $71.90 for support and $74.80 for resistance.
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Trend Forecast: Bearish
