Crude oil prices have experienced a bearish reversal after approaching the $75 mark in recent sessions. Today, prices have dipped further, falling below the $74 threshold, signaling a continuation of the bearish trend in both intraday and short-term charts. The downward movement suggests that the price could aim for lower targets, with initial support levels set at $72.85 and potentially extending to $72.05.
This bearish outlook is reinforced by the negative pressure from the 50-period Exponential Moving Average (EMA), which supports the ongoing downtrend. However, if prices breach the $75 level, it could invalidate the current negative scenario and shift the market towards a bullish phase, with potential targets around $76.86.
For today, the expected trading range for crude oil is between $72.04 as support and $75.00 as resistance.
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