Crude oil prices have rebounded after hitting the initial target of $67.65, with today’s trading showing potential for further gains as the price approaches the resistance of the bearish channel depicted on the chart. This indicates a possible recovery phase aimed at offsetting recent losses.
To gain clearer insight into the next trend, it is advisable to wait for a decisive move—either a break above the $69.75 resistance or a drop below the $68.00 support level.
Should the price continue to rise and surpass the resistance level, it may target $71.70. Conversely, breaking below the support could signal a continuation of the bearish trend, potentially driving prices down to $66.75 and subsequently $65.50.
Today’s expected trading range is between $67.30 support and $70.50 resistance.
Trend Forecast: Bullish
