Crude oil prices have notched another milestone in achieving the downside targets, successfully reaching and surpassing the extended target at 70.00. The daily candlestick has concluded below this level, further solidifying the outlook for continued bearish dominance in the intraday and short-term perspectives. The primary destination for this downward trajectory is the 67.04 areas.
The prevailing bearish scenario is unfolding within the confines of a bearish channel, clearly illustrated on the chart. This bearish stance is underpinned by the persisting negative pressure emanating from the EMA50. It is important to highlight that breaching 70.50 would interrupt the current bearish momentum, potentially initiating a phase of recovery. Initial targets for such a rebound would be 72.05, with the possibility of an extension towards 73.73.
Traders and market participants should consider the anticipated trading range for the day, hovering between support at 67.90 and resistance at 70.90. As of now, the overall trend leans bearish, with investors closely monitoring potential signals of a shift in momentum.
Expected Trend for Today: Bearish
