Crude oil prices settled at $70.58 following a significant decline in recent trading sessions. Analysts anticipate that if this level is breached, it may pave the way for further downward movement, with targets potentially reaching $68.65. This outlook is influenced by the presence of a double top pattern visible on the price chart, suggesting ongoing bearish momentum.
As the market continues to evolve, a further decline is expected on an intraday basis. However, it is crucial to note that if prices rise above $72.15, the current negative trend could be invalidated. Such a movement might lead to a recovery, with initial resistance targets set around $73.70.
For today, analysts predict that crude oil will trade within a range, with support at $69.20 and resistance at $72.00.
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