Crude oil prices attempted to break the $73.48 level but failed to sustain a position below it. As of this morning, the market opened with a renewed bearish trend, pushing prices toward the $73.48 mark once again. Traders are now closely watching for a decisive break below this level, which could pave the way for further downward momentum and potentially drive prices toward the next target of $71.95.
The bearish outlook remains intact for the near term. However, it is important to note that a breach of the $75.36 resistance level would invalidate this negative scenario. Should this happen, the price is likely to resume an upward trend, with initial gains expected to test the $78.40 area.
For today’s trading, the anticipated range is between a support level of $72.00 and resistance at $75.30.
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