Crude oil prices encountered substantial negative pressures yesterday, dipping below $71.95 and retesting the crucial support level of $70.44. This support level corresponds to the breached neckline of the inverted head and shoulders pattern observed on the chart. Market analysts are monitoring this situation closely, anticipating a potential bullish correction, with targets set at $71.95 and subsequently $73.48.
However, it is important to note that if prices break below $70.44, it could signal the end of the current bullish trend. This scenario may lead to the formation of a bearish wave, with initial targets around $68.55.
For today, analysts expect the trading range to be between the support level of $69.20 and the resistance level of $72.20.
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