The price of crude oil has found stability below the key level of 73.73, reinforcing the validity and persistence of the bearish trend in the upcoming period. This trajectory is substantiated by the ongoing negative pressure exerted by the EMA50, with an anticipation for a decline towards 72.20, followed by the critical level of 70.00, representing our primary targets.
The crucial factor to achieve the projected targets remains the price’s ability to sustain levels below 73.73. A decisive breach above this level would be a significant indicator for a potential shift towards a bullish phase, aiming primarily at the 77.74 areas on an intraday basis.
For today’s trading, the expected range oscillates between the support at 71.30 and resistance at 74.30.
Anticipated Trend for Today: Bearish
