Crude oil prices have recently reached the anticipated target of $72.64, establishing a strong support level at this mark. Analysis reveals that current trading activity is confined within a bearish pennant pattern visible on the charts. To trigger further downward movement, the price must breach the critical level of $72.95, which would activate the negative implications of this pattern and potentially lead to a decline towards the next target at $70.45.
Analysts maintain a bearish outlook for the near future, contingent upon the price remaining below $73.95. A breach above this level, however, could signal a reversal of the expected downward trend and pave the way for a potential rally.
Today’s expected trading range is forecasted between support at $71.90 and resistance at $74.80.
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