The recent ascent in crude oil prices faced a notable impediment as it reached the upper boundary of a bearish channel evident on the chart. The subsequent bearish rebound resulted in the price settling below the $73.73 mark. Following the established guidelines within the channels, this suggests a resumption of the primary bearish trend, with downside targets at $70.40 initially, extending further towards $67.04.
Therefore, a bearish outlook is recommended for the day. It’s important to monitor potential developments, particularly a breach of resistance at $73.73, and subsequently $74.20, as such breaks could signal a shift in momentum leading to a reversal in the expected decline.
The projected trading range for today is anticipated to fluctuate between support at $70.70 and resistance at $73.73.
Anticipated Trend for Today: Bearish
