Crude oil prices experienced a bullish bounce after reaching the initial target of $67.65. The market is seeing upward movement today, approaching the resistance of the bearish channel identified on the chart. This suggests a potential recovery from recent losses. However, analysts recommend a cautious approach until clearer signals emerge. A breach of the $69.75 resistance or a drop below the $68.00 support level will provide a clearer indication of the next trend.
If prices continue to rise and surpass the mentioned resistance, gains could extend towards the $71.70 level. Conversely, falling below the support could trigger a continuation of the bearish trend, targeting $66.75 and $65.50.
Today’s anticipated trading range is between $67.30 support and $70.50 resistance.
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