Crude oil prices recently attempted to break the $70.58 level but failed to maintain momentum below this threshold, exhibiting a temporary bullish bias. This shift was influenced by positive signals from the Relative Strength Index (RSI). However, analysts anticipate a return to a bearish trend, driven by the completion of a double top pattern. The next negative target is projected at $68.65.
Consequently, the forecast remains bearish for the near term. It is important to note that a breach of the $72.15 level would negate the negative impact of the aforementioned pattern and potentially shift prices upwards.
For today’s trading session, the expected price range is between a support level of $69.20 and a resistance level of $72.20.
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