Crude oil prices have confirmed a break below the $75.25 level, closing yesterday beneath this threshold. The downward momentum continued into today, bringing prices closer to the first target of $73.15. This ongoing decline suggests that crude oil may be on track to revisit the previously recorded low of $71.35.
Outlook
We anticipate a continued bearish trend in the upcoming sessions. However, if prices manage to breach the $75.25 mark again, this could halt the current negative pressure and potentially initiate a recovery to offset recent losses.
Trading Range
The expected trading range is between $72.00 support and $75.00 resistance.
Trend Forecast
The trend remains bearish.