Recent observations of crude oil price movements reveal a consolidation within a bearish pennant pattern, as depicted on minor charts. The pivotal point for a pronounced downturn lies at the $73.15 mark, whereby breaching this level would trigger the negative implications of the pattern, potentially catalyzing a resumption of the primary bearish trajectory. The subsequent target for this downward momentum resides at $71.35.
Consequently, our outlook maintains a bearish sentiment for the foreseeable future, underpinned by the downward pressure exerted by the EMA50 indicator. It’s noteworthy that surpassing the $73.90 threshold could interrupt the anticipated descent, propelling the price towards testing the critical resistance line at $75.25, prior to any renewed attempts at a decline.
Anticipated Trading Range: Positioned between the $71.60 support level and the $74.60 resistance level.
Trend Forecast: Bearish