Crude oil prices have successfully breached the support line of a bearish flag, maintaining a position below it and solidifying expectations for the continuation of the bearish trend in upcoming sessions. This development sets the stage for potential downward movement, with initial targets at 70.00 and a subsequent extension to 67.04 following the breach of the mentioned support barrier.
The bearish sentiment is reinforced by the price’s descent below the EMA50, further supporting the anticipated negative scenario. It is noteworthy that a breach above 72.35 could interrupt the expected decline, prompting intraday gains and a test of the key resistance at 73.73 before any renewed attempt at a decline.
Today’s expected trading range is forecasted to oscillate between the support at 70.00 and resistance at 73.00, reflecting the prevalent volatility in the crude oil market.
The overall trend for today is categorized as bearish, urging traders to exercise caution and closely monitor key support and resistance levels. The breach of the 72.35 resistance level will be a pivotal moment, potentially altering the trajectory of the current market dynamics.
