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Crude oil prices are currently attempting to break the $70.58 level, which keeps the prospects alive for the continuation of the anticipated bearish trend today. Traders are looking toward a potential drop to $68.65, identified as the next significant target, influenced by a double top pattern observed on the chart.
The persistence of this bearish momentum hinges on the price remaining below the $72.15 mark, which serves as a critical resistance level.
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For today’s trading session, the expected range is between a support level of $69.20 and a resistance level of $72.20.
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Trend Outlook: Bearish
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