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Crude oil prices have tested the $75.00 level but have remained stable below it, setting the stage for a possible resumption of bearish trends in the coming sessions. This movement is influenced by a previously completed double top pattern, with a primary target of $72.04 in sight.
Support from the 50-day Exponential Moving Average (EMA50) suggests that the bearish trend may continue. However, a breach of the $75.00 level could halt the anticipated decline, potentially pushing prices toward a near-term recovery target of $76.86.
Today’s expected trading range is between $72.60 on the support side and $75.60 on the resistance side.
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