The price of crude oil currently hovers around the 72.45 level, exhibiting fluctuations as it awaits a more pronounced negative catalyst that could propel it into a renewed bearish trajectory. The market sentiment suggests a potential continuation of the bearish wave, with the next targeted support zone set at 71.75. An eventual breach of this level may pave the way for further downside momentum, leading towards the 70.00 barrier as the subsequent negative station.
The prevailing bearish bias is expected to persist in the upcoming sessions. It is imperative to monitor the 73.73 resistance level closely, as a breakthrough could disrupt the negative scenario and prompt the price to endeavor a return to the primary bullish trend.
Consequently, the forecasted trading range for the day spans between the support at 70.50 and the resistance at 73.50. Market participants are advised to exercise caution and vigilance, keeping a keen eye on these critical levels for potential shifts in market dynamics.
In summary, the intraday trend leans towards the bearish side, contingent upon the ability to sustain levels below 73.73. However, should the aforementioned resistance be breached, a reevaluation of the market’s trajectory may be warranted, with a potential attempt to regain the main bullish trend.
