Crude Oil Price Resumes Bearish Trajectory After Settling Around $70.85

Crude oil prices have found stability near the $70.85 level following a recent sharp decline. Anticipations point towards a continuation of negative trades, aiming to breach the $70.00 level and paving the way for a rally towards $67.04 as the next primary target. This negative outlook is reinforced by the price residing below the EMA50.

The prevailing bearish trend is expected to persist in the upcoming sessions. However, breaching the $72.00 level may prompt a restorative phase, with the potential to test the critical resistance at $73.73 initially. Further clarity on the next directional move will be determined subsequently.

Expected Trading Range: $69.00 (Support) – $72.00 (Resistance)

Expected Trend: Bearish