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Crude oil prices have experienced a bearish bounce after nearing the $71.95 mark, currently reaching key support at $70.44. This level serves as a retest of the breached neckline from a previously completed inverted head and shoulders pattern, setting the stage for a potential resumption of positive trades that could push prices past the first target and toward $73.48.
The bullish trend remains intact, although a break below $70.43 would invalidate this positive outlook and shift the price back onto a bearish trajectory.
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The expected trading range for today is between $69.50 support and $72.50 resistance.
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Trend Forecast: Bullish
