Crude oil prices are currently fluctuating around the $70.58 mark, struggling to confirm a significant break below this level. The ongoing impact of a double top pattern suggests that the market is poised for a potential bearish wave, with the next target set at $68.65.
The negative momentum is further supported by the 50-day Exponential Moving Average (EMA), which indicates a continuation of the anticipated bearish trend. However, if prices breach the $72.15 threshold, the current negative outlook will be invalidated, allowing for a possible rebound toward the initial resistance level of $73.71.
For today, analysts expect the trading range to be between a support level of $69.00 and a resistance level of $72.00.
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