In recent market movements, crude oil prices sustained a downward trajectory, breaking the critical level of 70.65 and re-entering the bearish channel. This development affirms the prevailing bearish trend in the upcoming trading sessions, with a targeted descent towards negative levels, specifically around 67.04.
Analysts are anticipating continued declines in the intraday and short-term perspectives, with support from the EMA50. It is noteworthy that breaching the 71.10 level could disrupt the current negative scenario, potentially prompting the commodity to make recovery attempts and aim for the initial positive milestone at 73.73.
Investors and traders are advised to closely monitor the expected trading range for today, spanning from the support level at 68.50 to the resistance level at 71.40. This range serves as a crucial reference point for assessing potential price movements and making informed trading decisions.
In summary, the resurgence of crude oil prices within the bearish channel indicates a sustained bearish trend, with further declines expected. The breach of key resistance levels remains a critical factor in determining whether the commodity will veer towards recovery or continue its downward trajectory.
