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Crude oil prices extended their downward movement yesterday, approaching the initial target of $69.05. The price briefly tested the $70.00 level before declining, with expectations of resuming the bearish trend. The next potential target in this downward wave is $67.65.
Given the current trajectory, the bearish outlook is anticipated to persist. However, if the price surpasses $70.70, the negative scenario could be invalidated. Such a breach may result in intraday gains, with potential for the price to test $72.04 before any further declines.
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Today’s trading range is expected to be between $68.00 on the downside and $71.00 on the upside.
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Trend Forecast: Bearish
