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Crude oil prices have decisively breached the $75.00 mark, signaling a persistent bearish trend. After closing below this level yesterday, prices are approaching the initial target of $74.00. Further declines could see prices reach additional negative targets of $73.60 and $72.85. The formation of a double top pattern reinforces expectations of continued downward pressure. However, a break above $75.00 could reverse the current trend, potentially pushing prices toward $76.86.
Today’s trading is anticipated to fluctuate between support at $72.50 and resistance at $75.50.
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