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Crude oil prices have recently dipped to test a low of $67.56. However, the price has since breached the resistance line of a bearish channel, signaling a potential bullish correction. The immediate target for oil prices is $70.12, with a further breach of this level likely pushing prices towards $71.70.
Looking ahead, positive trading is anticipated in the near term. However, if prices fall below $68.45 and subsequently $67.56, the bullish trend could reverse, leading to a return to the primary bearish trajectory.
Today’s expected trading range is between the support level of $67.56 and resistance at $70.55.
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