Crude oil prices have resumed their decline after testing the $75.00 level in recent sessions. The price has begun today’s trading with further declines, breaching the $74.00 barrier and reinforcing the bearish trend on both an intraday and short-term basis. The current trend suggests that prices could target $72.85 initially, with further potential to decline to $72.05.
The bearish momentum is supported by the negative pressure from the 50-day exponential moving average (EMA50). Should the price surpass the $75.00 level, it would invalidate the current negative outlook and could trigger a bullish trend with a new target around $76.86.
Today’s anticipated trading range is between $72.04 for support and $75.00 for resistance.
Trend Forecast: Bearish
