Crude oil prices experienced significant declines yesterday, falling below the crucial $73.70 mark to settle at $72.15. As trading resumed today, the downward trend persisted, with prices breaking through the $72.15 level and closing below it.
A closer analysis of the market chart reveals that crude oil has formed a double top pattern, suggesting further declines in the coming sessions. Analysts predict that prices could drop to targets of $70.58 and subsequently $68.65.
In light of these developments, the bearish trend is expected to continue on an intraday basis. However, should the price breach the $72.15 level, the current negative momentum could be halted, allowing for a potential recovery.
Today’s anticipated trading range is projected between a support level of $70.00 and a resistance level of $73.00.
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