The price of crude oil is currently demonstrating a heightened bullish bias, attempting to challenge the resistance of a minor bearish channel depicted on the chart. However, the accompanying stochastic loss in positive momentum, coupled with evident overbought signals and the continued negative influence of the EMA50, suggests a cautious outlook.
Given these factors, a bearish bias is suggested for the upcoming trading sessions, with key targets set at 67.04. It is essential to note that breaching the level of 70.10 could potentially shift the market dynamics, breaking the price out of the bearish channel and initiating a recovery on an intraday basis.
The expected trading range for today is anticipated to fluctuate between the support level at 67.70 and the resistance level at 70.80.
In summary, the prevailing trend for today leans towards a bearish sentiment, highlighting the challenges faced by crude oil prices in their attempt to recover amidst the current market conditions.
