Crude oil prices closed last Friday below the $76.86 mark, confirming the completion of a double top pattern outlined in our previous technical update. This decline suggests that oil prices may face continued negative pressure in the short term, with an initial support target at $75.00. The double top pattern indicates potential further declines to $74.00 and possibly to $73.60.
Looking ahead, the bearish trend is expected to persist in the coming sessions. However, if prices breach and remain above the $76.86 level, the negative outlook could be invalidated, potentially leading to a recovery.
For today, the anticipated trading range is between $74.70, which serves as support, and $77.70, acting as resistance.
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