The price of crude oil concluded the previous week with significant bearish momentum, settling below the critical level of 73.73. This development aligns with the anticipated negative pressure on an intraday basis. For the bearish scenario to gain momentum, the price must breach the support level at 71.55, serving as a key threshold. A successful breach of this level is likely to generate further downward momentum, targeting initial bearish objectives at 70.00 and potentially extending towards 67.04.
The prevailing bearish bias is expected to persist in the upcoming sessions, with a potential recovery contingent on the price breaking above 73.73. Such a move would halt the current negative pressure, possibly leading to a rebound.
The anticipated trading range for the day is forecasted between the support at 71.00 and the resistance at 74.00. The overall trend for today is bearish, emphasizing the significance of the 71.55 support level as a key determinant for the market’s direction. Traders are advised to closely monitor price movements and key support/resistance levels for further insights into potential market dynamics.
