Yesterday, crude oil prices demonstrated robust upward movement, reaching the $74.80 mark. However, today’s trading session began with a bearish inclination, suggesting a potential return to the predominant downtrend. Analysts anticipate a retest of the $72.64 support level in the near term, indicating further declines in subsequent sessions. This outlook is reinforced by the downward pressure exerted by the EMA50 indicator.
For the downtrend to persist, it is crucial for prices to remain below the $75.48 threshold. A breach above this level could signal a reversal, potentially leading to gains targeting the $77.24 range.
Currently, the anticipated trading range for today is anticipated to be between support at $72.50 and resistance at $75.50.
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