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Crude oil prices have successfully reached the initial target of $72.85, with current trading stabilizing around this mark. The market is now poised for a potential further decline, with the next support level expected at the recent low of $72.05. Should prices fall below this threshold, additional losses could extend to $70.45, and possibly even to the $70.00 mark.
In light of these developments, a bearish trend is forecasted for the near term. However, if the price holds above $72.04, it may negate the negative outlook and prompt a recovery, potentially pushing prices up to $75.00.
For today, trading is anticipated to range between a support level of $71.00 and a resistance level of $74.00.
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