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Crude oil prices are currently fluctuating around the $67.55 mark. Analysts suggest initiating a bullish correction following a decline from $78.40 to $65.51. Initial targets for this correction are set at $68.55, which aligns with the 23.6% Fibonacci retracement level. A breach of this level could drive prices towards $70.43, marking the next phase of the correction.
Expectations are for positive trading trends today. However, if the price falls below $67.20, it would negate the bullish outlook and potentially resume the primary bearish trend.
Today’s anticipated trading range is between $66.60 support and $68.60 resistance.
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