The price of crude oil concluded the previous week with evident bearish sentiment, breaking the key level of 73.73 and settling below it. The price is currently making efforts to validate the breach of the minor support line of the bullish channel, indicating a potential resumption of the downtrend. The initial targets for the downside movement commence with a test of the $70.00 per barrel barrier.
Hence, a bearish bias is anticipated for the current session, contingent on the price remaining below 73.73. A successful breach of this level could lead to a reversal, triggering a bullish wave targeting the 75.20 areas.
Traders are advised to monitor the expected trading range, forecasted between the support at 71.50 and the resistance at 74.50, while remaining cautious of potential trend reversals.
