Crude oil prices commenced trading today with a noticeable decline, breaking through the $74.00 mark and reinforcing the prevailing bearish trend on an intraday basis. This movement opens the path for prices to potentially test the recent low of $72.04, which now stands as a key target.
Market analysts anticipate further declines in the upcoming sessions, driven by a double top pattern evident on the chart. The continuation of this downward trajectory is contingent upon the price remaining below $75.00. A breach above this level could alleviate the current negative pressure and pave the way for a potential bullish reversal on an intraday scale.
Today’s expected trading range is projected between a support level of $71.70 and a resistance level of $74.70.
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