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Crude oil prices have reached our initial extended target of $72.85 and are currently stabilizing around this level. The next anticipated decline may lead the price to test the recent low of $72.05. A break below this level could result in further losses, potentially extending to $70.45 and subsequently $70.00.
The bearish trend remains forecasted for the near term. However, if the price holds above $72.04, it could prompt a recovery and drive the price towards $75.00.
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Today’s expected trading range is $71.00 to $74.00.
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Trend Forecast: Bearish
