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Crude oil prices showed positive movement yesterday, reaching the anticipated target of $70.58. However, the price sharply reversed from this level, testing the $68.64 support. This suggests a potential decline in the coming sessions, with the price needing to break below $68.64 to confirm a move toward the next targets at $67.50 and $67.00.
Given this, we expect bearish trading today. Should the price fail to break the $68.64 level, a recovery could occur, with the price potentially testing $70.58 again.
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The expected trading range for today is between $67.30 (support) and $70.30 (resistance).
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Trend Forecast: Bearish
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