The crude oil price has returned to assess the resilience of the 73.73 resistance line. Despite this revisitation, it is noteworthy that the price remains consolidated below this critical level. This consolidation sustains the potential for a resumption of the anticipated bearish trend on the intraday basis, with a primary target focused on the 70.00 areas.
A decisive break below 73.00 is anticipated to fortify expectations for a decline. Conversely, surpassing the resistance at 73.73 would introduce a positive factor, disrupting the proposed negative scenario. This shift could pave the way for the price to initiate a bullish wave, with initial targets at 75.90 and an extension towards 77.86.
The projected trading range for today is forecasted to fluctuate between the support at 71.60 and the resistance at 74.50.
Today’s overall trend outlook aligns with a bearish sentiment, with a cautious eye on the critical level of 73.73 as a potential determinant of future market direction.
