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Crude oil prices have recently experienced further declines, challenging the $75.00 level and seeking to confirm a breach. This movement strengthens the outlook for continued bearish trends on both intraday and short-term bases, with potential targets at $73.85 and $72.04.
The 50-day Exponential Moving Average (EMA50) is exerting downward pressure on prices, reinforcing the anticipated decline. However, if the price fails to decisively break below $75.00, the negative trend may be halted, potentially leading to a phase of recovery.
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Today’s expected trading range is between $73.70 and $76.60.
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Trend Forecast: Bearish
