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Crude oil prices started today with a minor decline, suggesting a potential continuation of the bearish trend on both intraday and short-term bases. The immediate focus is on testing the $69.05 level, with a break below this threshold likely confirming a downward movement towards the $67.65 mark as the next key target.
The prevailing bearish trend remains supported by the negative pressure exerted by the 50-period Exponential Moving Average (EMA). A move above $70.70 could indicate short-term gains and test the crucial resistance level at $72.04 before any further decline.
For today, the expected trading range is between the support level of $67.70 and the resistance level of $70.70.
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