Crude oil prices concluded the previous session below the critical level of 73.73, providing further affirmation of the sustained bearish trend anticipated in the upcoming sessions. The market remains within the confines of a bearish channel, with the next target identified at 71.65. It is noteworthy that a breach of this level would escalate the negative pressure, potentially driving the price towards the 67.04 areas in the near term.
Consequently, the bearish outlook is maintained on both the intraday and short-term bases. However, it is crucial to monitor developments closely, as a breach of 73.73 could halt the existing negative pressure, instigating potential recovery attempts on an intraday basis.
The projected trading range for the current session is expected to fluctuate between the support level at 71.50 and the resistance level at 74.50.
The prevailing trend for today is anticipated to be bearish, contingent upon the outlined technical factors.
