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Crude oil prices are under renewed downward pressure, heading toward a potential test of the key support level at $70.58. A bearish bias is expected for the upcoming sessions, with a focus on the price action around this level. If the price breaks below $70.58, it could extend the decline toward the next support at $68.64 in the near term. Conversely, if the price holds above $70.58, it may reverse the bearish momentum and resume the upward trend, with the next target at $72.15.
Additionally, a sustained break above $72.15 would signal a stronger bullish recovery, with the next resistance target at $73.71.
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For today’s trading, the expected range is between the $70.20 support and $73.20 resistance levels.
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Trend Outlook: Bearish
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