Crude oil prices opened today’s trading session with a robust increase, successfully reaching the extended target of $78.40. However, the prices subsequently experienced a sharp decline, moving towards an initial test of $75.36. This downward movement has introduced negative pressure, leading analysts to predict further bearish trends in the coming sessions.
If the price breaks below the $75.36 level, it could fall to the $73.48 range in the near term. Conversely, if the $75.36 level holds against the current negative pressure, prices may rebound, retesting the $78.40 mark.
Today, the expected trading range is anticipated to be between a support level of $74.50 and a resistance level of $77.70.
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