Crude oil prices have witnessed a significant decline, breaking through the support line of the established bullish channel and reaching the extended target at 73.73. The price found substantial support at this level, leading to a period of sideways fluctuation. However, it is currently under negative pressure from the EMA50, reinforcing the likelihood of further declines.
The prevailing scenario suggests the potential for the price to surpass the 73.73 support level, paving the way for additional negative targets. The next key levels to watch are 72.45 and 71.75, which could serve as the next major stations for the downward movement.
Market expectations lean towards continued decline in the upcoming sessions. It is essential to monitor the critical level of 74.85, as a breach of this point would halt the suggested decline, potentially redirecting the price back to the primary bullish trajectory.
For today’s trading activities, the anticipated range is between the support level at 72.40 and the resistance level at 75.50.
In conclusion, the expected trend for today is bearish, reflecting the prevailing negative momentum in crude oil prices. Traders are advised to stay vigilant for potential shifts in market dynamics, particularly around the critical levels mentioned.
